LIC to be headed by CEO and MD

Life Insurance Corporation of India (LIC) will now have the post of chief executive officer (CEO) and managing director (MD) instead of the chairman’s position. This arrangement has come into effect after the government made changes to relevant rules ahead of the life insurer’s initial public offer (IPO) in this financial year. The changes have been made by the Department of Financial Services under the Union Finance Ministry by amending Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. The government has already approved raising its authorised share capital to Rs 25,000 crore to facilitate the listing of the insurance behemoth.