LIC set to restructure top management after IRDA prod

Nudged by the regulator, the country’s biggest investor, Life Insurance Corporation (LIC), will restructure its top management to bring in greater transparency in operations.

The Insurance Regulatory & Development Authority, or Irda, has said in keeping with the corporate governance practice prescribed for all insurance companies, the largest insurer too should have a post of chief investment officer and chief finance officer. LIC had told the regulator that its investment department is handled by an executive director who could be designated as the chief investment officer.

However, Irda has insisted that the designated official should be at the second rung reporting directly to the chief executive, and, therefore, an MD has to be designated as the chief investment officer.


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