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of <h1>Finance Act 2021 Revamps LIC Act 1956: New Board Committees for Executive, Investment, Nomination, and Audit Functions</h1> The Finance Act, 2021 amends the Life Insurance Corporation Act, 1956 by substituting section 19 to establish various committees within the Board. The Executive Committee, consisting of the Chief Executive, Managing Directors, and nominated directors, exercises powers delegated by the Board. The Investment Committee, including the Chief Executive and directors, manages investment functions. The Nomination and Remuneration Committee, comprising independent directors, formulates criteria for director appointments and evaluates performance. The Audit Committee, with a majority of independent directors, oversees financial audits, related party transactions, and internal controls. Additional committees may be formed to advise the Board on specific matters.
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