State-run Life Insurance Corporation of India (LIC) Chairman S K Roy, has resigned nearly two years ahead of completion of his five-year term. Roy, who took charge as chairman of the country’s largest insurer on the same date in 2013, had a five-year term. The reasons for his resignation are not known.
According to sources, Roy has officially tendered his resignation and the Finance Ministry will send it to the Appointments Committee of the Cabinet for acceptance.
He had made similar request some months ago but the Finance Ministry asked him to reconsider that, sources said.
After the approval from ACC, the Finance Ministry would begin search for his replacement, sources added.
Roy joined LIC in 1981 as a direct recruit officer. Under his chairmanship, LIC saw rejig in products and had a revamp, with the traditional product guidelines by the regulator leading to almost all of its products in the market.