S B Mathur will retire by end of August 2012.
The board of Life Insurance Council has nominated three candidates to replace Mathur.
The three officials are Kamalji Sahay, MD&CEO at Star Union Dai-ichi Life Insurance Co. Ltd, Ashok Singh - Life Insurance Corporation North India Head and Manicken - an ex-Life Insurance Corporation employee. The board is supposed to meet by 7th August to decide on the replacement.
Mathur is a veteran in the insurance space. Prior to joining Life Insurance Council, he served as the Chairman of Life Insurance Corporation of India (LIC) from August 2002. Post his retirement from LIC, he was appointed as the Administrator of the Specified Undertaking of Unit Trust of India (SUUTI) in December 2004.
Mathur is also the non-executive Chairman of the NSE and is currently on the boards of leading corporates and financial services companies such as IL&FS, ITC and Grasim.