M R Kumar appointed as new Chairman of Life Insurance Corporation of India (LIC)

M R Kumar has been appointed the new Chairman of Life Insurance Corporation of India (LIC) and will hold the post for a period of five years. Prior to this post, he was Zonal Manager (in-charge) of North Zone. LIC is the largest insurance company in India headquartered in Mumbai. It 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.