16 December 2016 Current Affairs: VK Sharma, the acting chief of Life Insurance Corporation of India, is the new chairman and managing director of the nation's biggest insurer and investor, for five years. Sharma's future decisions would be keenly followed by investors as the government has plans to use the behemoth's funds to build infrastructure.
LIC's role in corporate governance would also be keenly tracked, especially since it owns substantial stakes in many of India's prominent corporate houses. Infact, it had remained a mere spectator in the tussle between Ratan Tata and Cyrus Mistry in the ongoing battle at Tata Sons and the group companies.
His appointment comes at a time when private sector rivals such as ICICI Prudential, SBI Life are trying every trick to gain market share amid falling returns.
Life Insurance Corporation of India : Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹1,560,482 crore (US$230 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
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