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Vijayan, who succeeds J Hari Narayan who completed his term yesterday, will get a five-year term. Irda chairman’s tenure is for five years or till the age of 65 years. A statement by the insurance regulator said Vijayan had taken charge with immediate effect.
This is probably the first instance that a financial industry professional will head the regulatory body of the same sector.
Vijayan was under the scanner of the Central Bureau of Investigation for almost two years, but was exonerated after the agency did not find any wrongdoing. He was denied an extension after his five-year term as chairman expired on the ground that an internal panel of the finance ministry had unearthed procedural lapses in investments made by LIC.
Later, the case was shifted to the CVC which recommended a probe by CBI into the allegations, but nothing could be found against him.
Born in 1953, Vijayan holds a special graduate degree from Kerala University and also a diploma in management. His career in LIC started as a Direct Recruit Officer in 1977 and some of the important assignments held by him were Managing Director of LIC, Executive Director of IT & BPR, Director & Chief Executive of LIC-HFL Carehomes. He was the architect of the concept of Satellite Offices which brought about a revolution in customer service.
Vijayan became the the youngest chairman of the country's largest insurer when he took over the mantle in 2006. During his initial tenure, LIC saw its market share diminishing as private
insurers started entered insurance. In 2008, the public sector insurer, however, fought back and regained its lost glory.
Prior to becoming the chairman, Vijayan was managing director in-charge of marketing. During his tenure as MD, LIC surpassed business records in premium collection and number of policies sold. As managing director, Vijayan was also the architect of the concept of satellite "Sampark" offices, which took LIC to the customers' doorsteps.
