LIC update: The largest insurance provider in the nation, Life Insurance Corporation of India, will undergo significant reform. Information has been obtained from the company’s officers.
The investors and clients of the company will greatly profit from this shift at LIC. Government officials, according to Reuters news, have stated that the business needs to be modernized and that a CEO appointment is necessary to do this.
Private sector CEO may get the responsibilities
Government authorities have informed us that the first CEO of LIC may be selected from the private sector, which would be very advantageous for the company’s investors. Let me tell you that LIC handles money of Rs 41 lakh crore i.e. ($ 500.69 billion).
This would be done for the first time
The CEO of the company will be chosen for the first time in the organization’s 66-year history. According to officials, the government also intends to expand the qualifications for the nomination of the CEO of LIC.
The Ministry of Finance is currently in charge of it.
According to information from the officials, the Ministry of Finance is currently solely responsible for the operation of LIC, with the chairman of the company overseeing all other duties.
However, there are reports that this position would be dissolved as of March 2023. The private sector’s Chief Executive Officer (CEO) will then be chosen by the government.
The rules have undergone significant revisions.
Let us inform you that the government significantly altered the LIC laws in order to name the CEO of the private sector.
According to sources, the stockholders will greatly gain from the government’s decision. LIC was founded in 1956 and is currently the biggest insurance provider in the nation. The government is the sole owner.
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