The Union Government in the second week of December 2016 appointed V K Sharma as the Chairman of Life Insurance Corporation (LIC) for a period of five years.
Before the appointment, Sharma was serving as the acting chief of LIC, India’s biggest insurer and investor. He was appointed as the acting chief on 16 September 2016 after the resignation of S K Roy.
Sharma has been serving as the Managing Director of the insurer since November 2013.
About Life Insurance Corporation of India
- Life Insurance Corporation of India is an Indian state-owned insurance group and investment company.
- It is headquartered in Mumbai, Maharashtra.
- It is the largest insurance company in India with an estimated asset value of Rs 1560482 crore.
- LIC was founded in 1956 when the Parliament of India passed the Life Insurance of India Act. The Act had nationalised the private insurance industry in India. More than 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
- The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956. It had created a policy framework for extending state control over at least 17 sectors of the economy.