New Delhi: Life Insurance Corporation of India (LIC) Chairman S K Roy, appointed by the previous UPA government, has resigned two years ahead of completion of his five-year term.
Roy, who took charge as chairman of state-run life insurance behemoth on June 29 in 2013, has written to the government to relieve him of his duties when he completes three years in the office.
The exact reason for his sudden exit could not be ascertained immediately. Roy has been with LIC since 1981. Roy joined Life Insurance Corporation of India in 1981 as a direct recruit officer.
The approval of his request for being relieved of his duties will be subject to consent of the Cabinet Committee on Appointments.
According to sources, Roy has officially tendered his resignation and the finance ministry will send it to the Appointments Committee of the Union cabinet for acceptance.
The exact reason for his sudden exit could not be ascertained immediately.
He had made similar request some months ago but the Finance Ministry asked him to reconsider that, sources said.
After the approval from the cabinet committee, the finance ministry will begin a search for his replacement, sources added.
On May 31, 2013, he assumed charge as managing director of LIC. Prior to his elevation, he was head of the International Operations division.
LIC has assets worth over Rs 21 lakh crore. According to data from Life Insurance Council, an official representative body of life insurance industry, LIC collected Rs 3,582 crore premium in April, 2015 against Rs 2,966 crore in April, 2014 and sold 8,43,235 policies in April, 2015 against 7,14,572 policies in April, 2014.
Roy’s resignation comes three days after RBI governor Raghuram Rajan announced that he would not seek a second term. This is a second high profile exit of a top official whose appointment was made by earlier UPA government.
