LIC, GIC Re and New India Assurance Company will continue as Domestic Systemically Important Insurers (D-SIIs).
IRDAI retains the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and the New India Assurance Company as Domestic Systemically Important Insurers (D-SIIs) for the year 2023–24.
LIC and New India are the largest life and general insurance companies in India. GIC Re is the sole Indian reinsurer.
The failure of these D-SIIs would disturb the domestic financial system.
The functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national economy.
D-SIIs are protected with additional regulatory measures to deal with systemic risks and moral hazard issues.
D-SIIs are insurance companies that are assumed as ‘too big or too important to fail’ (TBTF) based on their size, market importance, and domestic and global interconnectedness.
