NEW DELHI: Life Insurance Corporation of India (LIC) on Monday said the government has appointed R Doraiswamy as the managing director.

Doraiswamy is currently executive director at the central office in Mumbai.

He has been appointed as managing director of LIC in place of Ipe Mini with effect from the date of assumption of charge of office on or after September 1, 2023 and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier, a regulatory filing said.

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in June had recommended the name of Doraiswamy as MD.

The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT).

Other members of the headhunter are the secretary, Department of Financial Services, secretary, Department of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former Oriental Insurance managing director AV Girija Kumar.