The Centre appointed Life Insurance Corporation’s (LIC) senior-most Managing Director (MD) Hemant Bhargava as the insurer’s interim chairman, in place of V K Sharma who retired on Monday.
Meanwhile, the Central Government has already initiated the process to select regular chairman and MD of LIC.
Bhargava was appointed as the MD of LIC in February 2017, the insurer said in a statement. Apart from Bhargava, there are two more MDs of LIC currently.
He was instrumental in completing the design and setting up a separate microinsurance vertical which was LIC’s first comprehensive enterprise-wide initiative in financial inclusion space.
He also set up a new joint venture in collaboration with the banking industry, and founded LIC Cards Services Ltd.