IRDAI Designates Three Domestic Systemically Important Insurers for 2023-24
| Aspect | Details |
|---|---|
| Regulatory Authority | Insurance Regulatory and Development Authority of India (IRDAI) |
| Designation | Domestic Systemically Important Insurers (D-SIIs) for 2023-24 |
| Designated Insurers | Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), New India Assurance Co Ltd |
| Status Retention | Retained D-SII status from the previous year |
| Definition of D-SIIs | Insurers of significant size and market importance whose distress or failure could disrupt the domestic financial system |
| Importance | Crucial for ensuring uninterrupted availability of insurance services to the national economy |
| TBTF Classification | Considered "too big or too important to fail" (TBTF) |
| Key Regulatory Measures | 1. Enhanced Corporate Governance |
| 2. Enhanced Regulatory Supervision |