IPO-bound LIC to have CEO, managing director as Centre scraps chairman post

Govt amends another rule to appoint a full-time actuary for state-owned insurance behemoth

As the Life Insurance Corporation of India (LIC) readies itself for public listing, the government has abolished the position of chairman at the insurer, which will have a chief executive officer (CEO) and managing director (MD).

The changes have been notified by the Department of Financial Services (DFS) through rules in the LIC Act, 1956. Various rules have been amended in the LIC Act to replace the post of chairman and create the position of CEO.

The insurer will continue with the post of MD. Both CEO and MD will be appointed by the central government.

Presently, MR Kumar is the LIC chairman,