The regulatory authority of Insurance sector has given its nod to the Biggest life insurance company of India- LIC to invest in the Public Sector Banks. IRDA after complete scrutiny of the investments of LIC in PSU’s have agreed to the proposal of increasing its investments in Public sector banks
RBI had expressed concern over LIC making huge investments in PSU banks, saying it can affect the financial stability. The RBI which has asked banks to clean up their balance sheets by March 2017 has given them a list of some 150 accounts which had either become NPAs or are on the verge of becoming NPAs.
- Life Insurance Corporation (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 Rs.1560482 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.
- LIC Chairman is S K Roy.
- Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
- IRDA Chairman – T.S. Vijayan
So lets do:
- Who is the Chairman of LIC?
- Recently IRDA approved the investment in public sector banks?
- Who is the Chairman of IRDA?
Source – The Hindu