The Indian government on Friday appointed former managing director of LIC BC Patnaik as a lifetime member of the Insurance Regulatory and Development Authority of India (IRDAI).

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"The Appointments Committee of the Cabinet has approved the appointment of Bishnu Charan Patnaik, former managing director of Life Insurance Corporation, to the post of Whole-Time Member (Life), Insurance Regulatory and Development Authority of India (IRDAI) from the date of assumption of the charge of the post till he attains the age of 62 years, or until further orders, whichever is earlier," the government said in a statement.

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Patnaik was elevated to the rank of managing director of LIC of India on October 1, 2021. Prior to taking charge as MD, he was secretary general at Council for Insurance Ombudsmen (CIO), Mumbai.

Patnaik joined LIC of India in March 1986 as a Direct Recruit Officer and had been with the corporation for 35 years. He has worked in Maharashtra, Gujarat, Uttar Pradesh, Bihar, West Bengal, etc. Patnaik is a postgraduate in Political Science and a Fellow of the Insurance Institute of India.