LIC Refutes Favorable Treatment Claims Amid USTR Report

Life Insurance Corporation of India (LIC) has refuted claims in a US Trade Representative (USTR) report, which suggests that the company receives special treatment from the Indian government. LIC emphasized its adherence to regulations and explained its dominance in the market is due to trust and service excellence.

Life Insurance Corporation of India (LIC) has strongly denied allegations made in a US Trade Representative (USTR) report, which claimed that LIC benefits from favorable treatment by the Indian government. The company stressed its commitment to operating under competitive market conditions, adhering to regulations from IRDAI and SEBI.

The USTR report had suggested that LIC's competitiveness was unfairly enhanced by government actions, making it difficult for foreign insurers to thrive in India. LIC, however, defended itself by explaining that its success stems from trust, financial strength, and dedication to customer service.

As US President Donald Trump imposes reciprocal tariffs of 26 percent on Indian goods, the Indian export sector anticipates a significant impact. Despite this, India maintains a trade surplus with the US, suggesting resilience in its trade relations amidst escalating tariff pressures.

(With inputs from agencies.)