IRDAI Designates LIC, New India Assurance, and GIC Re as D-SIIs for 2024-25
| Summary/Static | Details |
|---|---|
| Why in the news? | LIC, New India Assurance, GIC Re Retain D-SIIs Status for 2024-25 |
| D-SIIs for 2024-25 | LIC, New India Assurance, GIC Re |
| Regulatory Authority | Insurance Regulatory and Development Authority of India (IRDAI) |
| Purpose of D-SII Tag | Prevent financial instability due to the failure of key insurers |
| Enhanced Supervision | Stricter risk management and regulatory oversight |
| New Reinsurance Player | Valueattics Reinsurance |
| Promoters | Prem Watsa (FAL Corporation) & Kamesh Goyal (Go Digit) |
| Initial Capital | ₹210 crore |
| Bima Sugam Project | An e-marketplace for insurance products |
| State Insurance Plan | Multi-tiered governance model for localized insurance coverage |