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of <h1>Section 20 of LIC Act: Chief Executive and Managing Directors' Roles Expanded by 2021 Finance Act Amendments.</h1> Section 20 of the Life Insurance Corporation Act, 1956, as amended by the Finance Act, 2021, outlines the roles and responsibilities of the Chief Executive and Managing Directors. The Chief Executive is granted substantial management powers over the Corporation's affairs, subject to the Board's oversight. The Chief Executive performs additional duties as assigned by the Board and may delegate powers as deemed appropriate. Managing Directors operate under the Chief Executive's control, performing duties and exercising powers delegated by either the Board or the Chief Executive.
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