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.