An amendment of the legislation governing the state-owned company LIC

The authority in charge of insurance regulation has made a proposal to the government for the amendment of the legislations governing the state-owned company Life Insurance Company (LIC). According to this legislation, LIC is required to abide by the rules of procedure imposed on the other operators on the market.
The request calls for : the prohibition to set up subsidiary companies from insured's fund, the requirement of a prior authorization for the opening of new offices as well as the capital increase of the state-run company.