Lic to have MD and CEO, Chairman Post Abolished

• 12 Jul 2021

• Life Insurance Corporation of India (LIC), which is gearing up to launch a mega initial public offering (IPO), will now have a Managing Director and Chief Executive Officer instead of an Executive Chairman on the pattern of public sector banking industry.
• The changes have been made by the Department of Financial Services under the Finance Ministry by amending Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. Various rules have been amended in the LIC Act to replace the post of chairman and create the position of CEO.
• Both CEO and MD will be appointed by the central government.
• Presently, MR Kumar is the LIC chairman, whose tenure was extended by another two years recently. Currently, LIC has four MDs.