The government has appointed DK Mehrotra as a chairman of India's largest insurer- Life Insurance Corporation (LIC).
Mehrotra took charge as an acting chairman when the three-year term of former chairman T.S Vijayan came to an end in May 2011. Though he was eligible, the government decided not to extend his tenure by another two years. Vijayan lost out towards the end of his tenure when the scam in LIC Housing Finance became public with questions raised on issues of corporate governance.
The search committee, comprising senior finance ministry officials and officials Insurance Regulatory and Development Authority (IRDA), had zeroed in on the name of Mr. Mehrotra for the position; but a final decision was pending with the Appointments Committee of the government.
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