The Government on Wednesday appointed V K Sharma as the Chairman of Life Insurance Corporation (LIC) for five years. Managing Director Sharma was already acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties. He has been serving as LIC’s MD since November 2013.
Having joined the LIC as a direct recruit officer in 1981, Sharma has served as the chief executive of its mortgage subsidiary LIC Housing Finance and zonal manager in charge of the south zone.
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of V K Sharma, MD, LIC, as Chairman, LIC in fixed pay of Rs 80,000 (pre-revised) for a period of five years…or up to the date of his superannuation, or until further orders..,” said an official statement.
Previous chairman Roy had resigned in June, nearly two years ahead of his retirement. He was appointed by the previous UPA government in June 2013.