The US-India Business Council (USIBC) has appointed Richard Mucci, chairman and CEO of New York Life International, LLC - the international arm of New York Life Insurance Company, to its board of directors.
Announcing the appointment on Tuesday, the premier business advocacy organisation representing 280 of the largest US companies investing in India said New York Life is a strong and active supporter of long-term strategic ties between the US and India.
One of the original members of USIBC Chairman's Circle, the highest level of membership, the company works extensively to strengthen relations between the two countries, it said. New York Life is very active in USIBC programmes and chairs its Insurance and Pensions Executive Committee.
"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.
"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 look forward to working with Dick Mucci and the board of directors of USIBC to seek his assistance and insight, as well as New York Life's expertise, to help make this point - as the US and India work together to develop infrastructure in partnership in both countries and around the globe," she said.
"I am honoured to accept this appointment on behalf of New York Life," said Mucci, adding: "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 said.
Mucci was appointed chairman and CEO of New York Life International on Oct 8, 2007. He joined New York Life from Hartford Life, where he last served as head of their group benefits division, a sales leader in group disability and group life.
Prior to joining the Hartford, Mucci spent five years at MassMutual where he led a successful turnaround of the disability income business he headed. He spent the first 23 years of his career with Paul Revere Insurance Company where he rose to the position of executive vice president and chief operating officer.
New York Life International, LLC offers life insurance and asset accumulation products and services to individuals and groups in selected emerging markets through its subsidiaries, joint ventures and affiliates.
Currently, New York Life International has operations in Argentina, China, Hong Kong, India, Mexico, South Korea, Taiwan and Thailand.
In India, New York Life is partnered with Max India, a multi-business corporation that focuses on knowledge, people and service-oriented businesses of life insurance, healthcare and clinical research.
Their joint venture, Max New York Life, is the fourth largest life insurer in terms of number of policies sold. Max New York Life has nearly doubled sales every year since the company's inception. The company currently has over 58,000 licensed agents and offices in over 260 cities throughout India