New Delhi: The government on Tuesday said the Life Insurance Corporation (LIC) has told that it strictly adhered to the statutory framework and regulations while making investments. The government’s clarification has come amid apprehensions in certain quarters over LIC's exposure to Adani group companies.
"LIC has informed that all investments of LIC are carried out strictly as per the statutory framework of the Insurance Act, 1938 and the IRDAI Investment Regulations, 2016 and are guided by a detailed governance mechanism," Minister of State for Finance Bhagwat Karad told Rajya Sabha in a written reply on Tuesday.
To a question by BJP member Sushil Kumar Modi regarding the stakes held by LIC in various companies of the Adani group, Karad said, "LIC has also confirmed that most of the information with regard to its investments is already available in the public domain." Adani group has 10 listed companies.
Last week, LIC had said it has investments of Rs 35,917.31 crore in Adani group's debt and equity securities. However, this amount is less than one percent (0.975 percent) of the insurer's total assets under management of more than Rs 41.66 lakh crore.
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