IRDAI selects LIC, GIC Re and New India Assurance as Domestic Systemically Important Insurers
The Insurance Regulatory and Development Authority (IRDAI) stated on Thursday that Life Insurance Corporation of India, General Insurance Corporation of India and New India Assurance Co Ltd continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22.
Domestic Systemically Important Insurers (D-SIIs) are the insurance companies that are considered “Too Big to Fail”. I.e. its failure will impact the economy and insurance sector to a great extent. IRDAI has chosen these three insurers on the basis of their size, market importance and domestic and global interconnectedness whose distress or failure would cause significant dislocation in the domestic financial system.
The D-SIIs have been directed to carry forward their efforts in the following manner:
- Increase the corporate governance level.
- Assess relevant risks and prompt a robust risk management framework and culture.
IRDAI also stated these D-SIIs are being subjected to enhanced regulatory supervision.
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