India’s LIC Chairman heads life insurers’ apex body

Life Insurance Corporation (LIC) Chairman S.K. Ro

India: Life Insurance Corporation (LIC) Chairman S.K. Roy has been named Chairman of the Life Insurance Council, the apex industry body of insurers in the country.

Roy was nominated the head of the industry body last week. He will head the Council’s Executive Committee for a period of three years, according to the Press Trust of India (PTI). Hitherto, the Council was led by officials of the Insurance Regulatory and Development Authority of India (IRDAI).

Three members were elected to the Executive Committee in a poll conducted among the 24 members of the Council. The three are Tarun Chugh (PNB Met Life), Anup Rau (Reliance Life) and Sandeep Ghosh (Bharti AXA).

State-owned LIC, which is the country’s biggest life insurer, has been unanimously chosen as a permanent member of the Executive Committee due to its sheer size and volume of business.

Talking to PTI after his election, Rau of Reliance Life said: “The Executive Committee is now a well represented body. It has got representation from both bancassurance and non-bancassurance partners. The Council is now ready to take a call on behalf of its various stakeholders.”

The Life Insurance Council, which represents life insurers in the country, develops and coordinates all discussions between the government, IRDAI and the public. It has representatives from the 24 insurance companies currently operating in India.