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LIC, GIC Re and New India continue to be Domestic Systemically Important Insurers(D-Slls) in 2023-24:IRDAI

by AIP Online Bureau | Mar 27, 2024 | Indian News, Life, Non-Life, Reinsurance | 0 comments

D-Slls refer to insurers of such size, market importance, and domestic and global inter connectedness, whose distress or failure would cause a significant dislocation in the domestic financial system

Hyderabad:

Insurance regulator IRDAI, on Wednesday, said Life Insurance Corporation, GIC Re., and New India continue to be identified as Domestic Systemically Important Insurers (D-Slls), in 2023-24.

D-Slls refer to insurers of such size, market importance, and domestic and global inter connectedness, whose distress or failure would cause a significant dislocation in the domestic financial system.

Therefore, the continued functioning of D-Slls is critical for the uninterrupted availability of insurance services to the national economy, said the IRDAI.

Given the nature of their operations and the systemic importance of the D-Slls, these insurers have to carry forward their efforts on the following:
-Raise the level of corporate governance,
-Identify all relevant risks and promote a sound risk management framework and culture.
-D-SIIs are being subjected to enhanced regulatory supervision.

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