The Insurance Regulatory and Development Authority of India vide Press Release dated 24th September, 2020 has identified for the year 2020-21, the following insurers as Domestic Systemically Important Insurers (D-SIIs):
a. Life Insurance Corporation of India;
b. General Insurance Corporation of India; and
c. The New India Assurance Co. Ltd.
Domestic Systemically Important Insurers (D-SIIs) 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. These insurers have been asked to raise the level of corporate governance and to identify all relevant risk and promote a sound risk management culture. D-SIIs will also be subjected to enhanced regulatory supervision.
