LIC refutes claims of 'favouritism' by government
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Mumbai: State-run Life Insurance Corp (LIC) Friday refuted US claims of 'special treatment' from the Indian government and regulators, concessions that Washington said helped it secure business from ordinary citizens at the expense of privately-run insurers. In its response to 'favouritism' claims by the US Trade Representative (USTR), LIC also said it operates in a competitive market alongside other insurers in an industry that has witnessed phased deregulation through this millennium. "LIC wishes to clarify that LIC is treated like any other insurance company by the government and regulators. The guarantee-provided at the time of its establishment in 1956-is a statutory provision designed to build public confidence in the early years of nationalisation," the insurer said. "It has never been invoked or used as a marketing tool or provided any undue advantage to LIC." Siddhartha Mohanty, MD & CEO, s...