New Delhi, Feb 1 (IANS): Finance Secretary Rajeev Kumar on Saturday said the Ministry is in talks with the Law Ministry for the legislative changes needed on account of LIC listing.

"We have started talks with the Law Ministry on the legislative changes for LIC IPO," he said at the post-Budget media interaction.

"We are working on what percentage of listing will be done."

Finance Minister Nirmala Sitharaman, during her Budget speech on Saturday, said that LIC will be listed as part of the government's disinvestment initiative. She further said that the listing brings in more financial discipline among the entities. The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020.

The Parliament had passed the Life Insurance Corporation Act on June 19, 1956 and LIC was created on September 1, 1956 with the merger of more than 245 insurance companies and provident societies.

The largest life insurer in the country with total investment assets of Rs 31 lakh crore as on September 30, LIC's surplus for 2018-19 increased 9.9 per cent to Rs 532.14 billion. The company paid a dividend of Rs 26.11 billion to the government for 2018-19.

LIC dominates the life insurance sector with a market share of over 70 pper cent. In April-November, the company's new premium income increased to Rs 1.20 lakh crore Arupees from Rs 831 billion rupees a year ago.