The position of chairman will no longer be there in Life Insurance Corporation. It will be replaced by the post of Chief Executive Officer and Managing Director. Before bringing the Initial Public Offer (IPO) of LIC in this financial year, changes are being made in the relevant rules by the government.
This change is being done by the Department of Financial Services under the Finance Ministry. For this, amendments are being made in the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. Apart from this, some other rules have also been amended under the LIC Act.
In a notification issued in this regard, it has been said that the Chief Executive Officer and Managing Director will be appointed by the Central Government.
For listing of LIC, the government has already given approval to increase its authorized share capital to Rs 25,000 crore.
