The government has constituted a seven-member panel to select managing directors of public sector insurance companies.

According to sources, the panel would be headed by Banks Board Bureau (BBB) chairman B P Sharma.

The other members of the panel are Financial Services Secretary, Department of Public Enterprises Secretary and Chairman of Insurance Regulatory and Development Authority of India, sources said.

Besides, three insurance sector experts -- G N Bajpai, Mathew Varghese and T Bhargava -- have been appointed on the selection panel.