New York Life Intl Chairman joins USIBC

Washington, Nov 26: Richard Mucci, Chairman and Chief Executive Officer of New York Life International was on Wednesday, Nov 26 inducted to the US-India Business Council (USIBC)'s Board of Directors.

"Dick Mucci brings to USIBC a deep understanding of the insurance industry and the role insurance plays in fostering the creation of a long-term debt market, which can only take place if more robust investment in the insurance and pensions industry in India is allowed,'' USIBC Chairman Indra K Nooyi said in a statement. She added that as India attempts to mobilise billions of dollars in capital for its infrastructure build-out- especially in these uncertain financial times - the creation of a long-term debt market in India will be crucial.

"I am honored to accept this appointment on behalf of New York Life,'' said Mr Mucci.

India is one of the fastest-growing life insurance markets in the world, and our company has a terrific partner in Max India. We were pleased to be among the first private firms awarded a license to offer life insurance products when the market was opened, and look forward to further expanding our presence into rural and underserved markets, he added.

The USIBC, a business advocacy organisation representing 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies, is committed to strengthening US-India commercial ties.

UNI