By all counts, the successor to SK Roy, who has unexpectedly tendered his resignation as LIC Chairman, may come from within organization itself. Tradition has it that most of those who were appointed LIC chairmen had come from within the life insurer, said several LIC watchers and insurance experts.
Indications are that this time too, the task of identifying the next chairman will rest with the committee appointed by the Department of Financial Services (DFS). The panel will recommend names for the Appointments Committee of Cabinet (ACC) to take a final call.
Official sources said that the DFS is likely to start the process of finding a successor to Roy only after ACC gives approval for this purpose. The ACC is yet to accept Roy’s resignation, which came two years ahead of completion of his five year-term.
