India's LIC to have CEO, managing director instead of chairman

Both the CEO and managing director positions will be appointed by the government.

The Life Insurance Corporation of India (LIC), which has been gearing up for an IPO, will now be governed by a CEO and a managing director, instead of a chairman, according to media reports.

The amendments have been notified by the Department of Financial Services through the rules in the LIC Act of 1956. Both the CEO and managing director positions will be appointed by the government.

The government has also changed the rules in order to name a full-time actuary for the LIC, reports said.

The actuary must be a member of the Institute of Actuaries of India or the Institute of Actuaries in London and be nominated by the CEO or an authorised committee.

Read more: Changes to India's LIC Act takes effect