New Delhi: The Life Insurance Corporation of India (LIC) on Friday claimed it obtains no unique therapy from the federal government or any kind of regulative authority, after a United States Trade Representative (USTR) record asserted that LIC is being provided beneficial therapy by theCentre
The country’s biggest insurance firm claimed in a declaration that it “wishes to clarify that LIC is treated like any other insurance company by the Government and Regulators”, advising the United States firm for a much more well balanced and valid gratitude of its duty.
“The assurance– supplied at the time of its facility in 1956– is a legal arrangement developed to construct public self-confidence in the very early years of nationalisation. It has actually never ever been conjured up or utilized as an advertising device or supplied any kind of excessive benefit to LIC,” claimed the business.
According to Siddhartha Mohanty, CHIEF EXECUTIVE OFFICER and MD of LIC, “it remains committed to upholding the highest standards of governance, service, and customer trust”.
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For the previous 25 years, LIC has actually run in a totally open market together with 24 exclusive life insurance policy business. It is controlled by IRDAI and SEBI and obtains no unique therapy from the Government or any kind of regulative authority.
The insurance firm claimed that its management in the insurance coverage market is totally because of the trust fund of its insurance policy holders, its dedication to solution quality, and its economic stamina and openness.
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With a tradition of over 69 years, LIC remains to offer over 30 crore clients throughout India with devotion and professionalism and reliability, it included.
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“We firmly believe the USTR’s views are based on an incomplete understanding of Indian insurance regulation and LIC’s functioning. We urge for a more balanced and factual appreciation of LIC’s role and contribution to financial inclusion and policyholder protection in India,” according to the LIC declaration.
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.(* )LIC taped a 28.29 percent rise in team annual sustainable costs and a 7.9 percent surge in private costs throughout the very first 11 months of FY25, according to the current market information.
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As 2025, LIC’s complete costs collection stood at February 1.90 lakh crore, showing a 1.90 percent boost from the Rs 1.86 lakh crore gathered in the equivalent duration of FY24.Rs
