IRDAI Identifies LIC, GIC Re, and New India Assurance as D-SIIs
The Insurance Regulatory and Development Authority of India (IRDAI) has designated three insurers as Domestic Systemically Important Insurers (D-SIIs) for the year 2023-24. These insurers, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance Co Ltd, have retained their D-SII status from the previous year. D-SIIs are insurers of significant size and market importance whose distress or failure could disrupt the domestic financial system.
The continued functioning of D-SIIs is deemed crucial for ensuring the uninterrupted availability of insurance services to the national economy. These insurers are considered “too big or too important to fail” (TBTF), necessitating additional regulatory measures to address systemic risks and moral hazard issues.
Enhanced Regulatory Supervision: Given their systemic importance, D-SIIs are subjected to intensified regulatory scrutiny to mitigate risks and ensure compliance with regulatory requirements.
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