IRDAI selects LIC, GIC Re and New India Assurance as Domestic Systemically Important Insurers
Insurance Regulatory and Development Authority of India (IRDAI) has chosen the following insurers as Domestic Systemically Important Insurers (D-SIIs) for 2021-22:
Life Insurance Corporation of India;
General Insurance Corporation of India; and
The New India Assurance Co. Ltd.
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 extend.
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.
