(a) whether the Government has taken a decision to abolish the Chairman post of Life Insurance Corporation (LIC) of India;
(b) if so, the details thereof; and
(c) the reasons and purpose for abolishing the Chairman post?
(a) whether the Government has taken a decision to abolish the Chairman post of Life Insurance Corporation (LIC) of India;
(b) if so, the details thereof; and
(c) the reasons and purpose for abolishing the Chairman post?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(a) to (c): No, sir. The Government has not taken a decision to abolish the office of Chairman in the Life Insurance Corporation of India. However, under the amended provisions of the Life Insurance Corporation Act, 1956, which have been brought into force from 30.6.2021, ‘Chairman’ in the Corporation stands re-designated as ‘Chairperson’.
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