Hemant Bhargava was appointed as managing director of state-owned Life Insurance Corporation (LIC) of India.
He is at present LIC’s zonal manager, Delhi. The Appointments Committee of Cabinet has approved Bhargava’s appointment to the post till his superannuation, i.e., 31 July, 2019.
The top LIC management consists of the chairman and three managing directors.
LIC already has Usha Sangwan as its managing director and Bhargava will join her as the second MD.
As per the LIC Act, the insurance corporation can have four MDs, apart from the Chairman, as part of its top management.
It is anticipated that one more MD will be appointed. In 2013, LIC functioned with its full strength of four MDs and one chairman after a long duration.
However, Sushobhan Sarkar and SB Mainak retired from the MD post after which two positions were lying vacant.
In 2016, former chairman SK Roy resigned from his post two years before completion of his term.
After this, LIC Managing Director VK Sharma was appointed as the Chairman.
All About LIC- Headquarters: Mumbai
- Founder: Government of India
- Founded: 1 September 1956
- Owner: Government of India
- Revenue: 88.4 billion USD (2015)
- Total assets: 20.09 trillion INR (2016)
- Subsidiaries: LIC Cards Services, LIC Nomura Mutual Fund etc.
