MR Kumar is expected to become the chairman of state-run Life Insurance Corp. of India, succeeding acting Chairman Hemant Bhargava, The Economic Times (India) reported, citing sources.

Kumar is currently an executive director of the board, and his appointment could be delayed due to regulations for the upcoming general elections that limit government activity.

Bhargava, a managing director with the company, is scheduled to retire in July. But one government official reportedly said his chairmanship could be extended by three months.