LS passes Bill to hike LIC's paid-up capital to Rs 100 cr

[NewsDesk]

Lok Sabha passed a Bill to increase the paid-up capital of Life Insurance Corporation of India (LIC )from Rs 5 crore to Rs 100 crore and make it conform to the same regulatory requirements as other life insurers.

The amendments are in line with the recommendations of the Insurance Regulatory and Development Authority (IRDA), which had suggested that the LIC Act should be changed in order to bring it in consonance with the Insurance Act, 1938.

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