Sat Pal Bhanoo Appointed Interim CEO of LIC for Three Months

Sat Pal Bhanoo has been given additional charge as the Chief Executive Officer (CEO) of the government-owned Life Insurance Corporation (LIC). Sat Pal Bhanoo is also the LIC's Managing Director (MD).

Sat Pal Bhanoo was given the additional responsibility of the CEO following the approval of the Department of Financial Services, Ministry of Finance, Government of India.

Sat Pal Bhanoo replaces Sidhharta Mohanty, who retired as the MD and CEO of the LIC on 7 July 2025.

In LIC, one of the four MDs is given the additional responsibility of CEO.

At present, Sat Pal Bhanno is the senior-most MD.

The other MDs in LIC are R Doraiswamy and Dinesh Pant.

Term of Sat Pal Bhanoo as CEO of LIC

• According to the Department of Financial Services order, Sat Pal Bhanoo will be the CEO of LIC for three months, effective 8 June 2025. 
• He will remain the CEO and MD of LIC until 7 September 2025 or until the government appoints a new CEO.

Regulator of the Insurance Sector 

The insurance sector in India is regulated by the Insurance Regulatory and Development Authority of  India (IRDAI).

IRDAI is a statutory body under the Insurance Regulatory and Development Authority Act 1999.

Headquarters - Hyderabad 

Chairman - Vacant after the retirement of Debasish Panda.

About Life Insurance in India and LIC  

Oriental Life Insurance Company was the first life insurance company established in India in 1818. It was established by the Europeans.

The first life insurance company established by Indians was the Bombay Mutual Life Assurance Society, established in 1870.

In 1956, the President issued an ordinance to nationalise all the private life insurance companies operating in India.

Parliament later passed the Life Insurance Corporation Act 1956, which created the Life Insurance Corporation (LIC). 

All the nationalised life insurance companies were merged with LIC, which started operating on 1st September 1956.

Tagline of LIC - Yogakshemam Vahamyaham (Your Welfare is our Responsibility). It has been taken from the Bhagavad Gita.

Headquarters and Offices

LIC has 113 divisional offices, 8 zonal offices, 1381 satellite offices and a Corporate office

Corporate Office/Headquarters -Mumbai, Maharashtra