Lic Needs Rs 20,000 Crore To Meet Solvency Norm
Insurance regulator not convinced by hidden reserves argument
The Life Insurance Corporation of India (LIC) will need a capital infusion of up to Rs 20,000 crore to meet the solvency norm set by the Insurance Regulatory and Development Authority (IRDA).
The state insurer has a share capital of only Rs 5 crore, but has managed to remain in business on the strength of the sovereign guarantees backing its commitments.
Even though the government pumped in Rs 100 crore towards LIC