The Government has decided to do away with the position of Chairman of the Life Insurance Corporation. Instead, the insurance behemoth will have a Managing Director and CEO. The decision comes even as the public sector company is proposing to come out with an IPO. The changes have been notified by the Department of Financial Services by amending the LIC Act, 1956. LIC will continue to have the positions of Managing Directors. The current Chairman of LIC, M.R. Kumar, got an extension of his tenure by 2 years recently. LIC has 4 MDs apart from the Chairman. The government has also amended the Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002 to appoint a full-time actuary for LIC.
