SBI Life Insurance Company Ltd. has appointed Sanjeev Nautiyal as Managing Director and Chief Executive Officer, the company said in an exchange filing.

Nautiyal replaces Arijit Basu, who has held this position since 2014.

The nominations and remunerations committee of SBI Life Insurance’s board and the board of directors, acting on the letter dated 26 February 2018 sent by State Bank of India, approved the appointment, it added.

The appointment, however, would be subject to approval from the Insurance Regulatory and Development Authority (IRDA).

Once the appointment is approved, Nautiyal will be at the helm of affairs for a two-year term.

Nautiyal joined State Bank of India in 1985 as a probationary officer and later held important positions across functional areas such as credit, HR, and international banking. In his previous assignment, he was SBI’s Chief General Manager, the Ahmedabad circle.