insurance giant LIC said on friday BC Patnaik has taken over as the Managing Director (MD) of the company. LIC said in a statement that he was appointed as the Managing Director on July 5, 2021, vide a government notification.

Before taking over as the MD of LIC, Patnaik was the General Secretary of the Insurance Ombudsman Council, (CIO) Mumbai.

Patnaik joined as a direct recruit officer in 1986.

Presently, LIC has one Chairman and four Managing Directors.