No special treatment…, lic angry on this claim of the report!
life insurance corporation of india (LIC) on friday said that it does not get any kind of special treatment from the government or any regulatory authority. This was said after the united states Trade Representative (USTR) report claimed that lic is being given favourable treatment by the Center.
lic is treated in the same way as any other insurance company
The country's largest insurance company urged the US agency to make a more balanced and factual assessment of LIC's role. lic said in a statement that it "wants to make it clear that 'LIC' is treated in the same way by the government and regulators as any other insurance company".
No advantage given to LIC
The company said, "The guarantee provided at the time of its inception in 1956 - the initial year of nationalisation is a statutory provision designed to build public confidence. It has never been used as a marketing tool nor has any undue advantage been given to LIC." According to lic CEO and MD siddhartha Mohanty, it is "committed to maintaining the highest standards of 'governance', 'service' and 'customer confidence'".
Worked with 24 life insurance companies
For the last 25 years, lic has worked in a competitive market with 24 private life insurance companies. It is regulated by IRDAI and SEBI and does not get any special treatment from the government or any regulatory authority. The insurer said that its leadership in the insurance sector is entirely due to the trust of its policyholders, commitment to excellent service, its financial strength and transparency.
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