LIC appoints Sat Pal Bhanoo as the Managing Director

20 Jul 2023 , 10:48 AM

Sat Pal Bhanoo was appointed Managing Director of Life Insurance Corporation (LIC). LIC made the announcement on Wednesday regarding the new appointment.

Sat Pal Bhanoo previously served as Additional Zonal Manager (In-Charge) at LIC’s Bhopal Zonal Office. He will succeed Siddhartha Mohanty, the current Chairperson of LIC.

The appointment will be valid from the date of assumption of office until his superannuation on December 31, 2025, or until further orders are issued. The recommendation for Sat Pal Bhanoo’s appointment came from the Financial Services Institutions Bureau (FSIB), which is responsible for appointing directors in state-owned banks and financial institutions.

M. Jagannath was also recently appointed as one of the Managing Directors on the LIC board, taking charge on March 13, 2023. Siddhartha Mohanty was approved as the interim Chairman of LIC for a three-month term starting from March 14, 2023.

The government was planning to appoint a full-time Chairman for LIC by June. Sat Pal Bhanoo’s appointment is expected to bring strong leadership and contribute to LIC’s growth and success in the insurance sector.

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