IRDAI releases 2022-23-List of Domestic Systemically Important Insurers (D-SIIs)

The list of D-SIIs for the year 2022-23 is as follows :

The following companies are continued to be identified as D-SIIs:

1. Life Insurance Corporation of India

2. General Insurance Corporation of India and

3. New India Assurance Co. Ltd.

Background:

• Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance, and domestic and global interconnectedness, whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national economy . D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF).
• Given the nature of their operations and the systemic importance of the D-SIIs, 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.

Source category: IRDAI

Attachments

• /2023/183_IRDAI_releases_2022-23_List_of_Domestic_Systemically_Important_Insurers_(D-SIIs)_(1).pdf