Domestic Systemically Important Insurers

(D-SIIs)

Context

The Insurance Regulatory and Development Authority of India (IRDAI) has designated three insurers as Domestic Systemically Important Insurers (D-SIIs) for the year 2023-24.

Domestic systemically important insurers (D-SIIs)

In India, domestic systemically important insurers (D-SIIs) are insurance companies designated by the Insurance Regulatory and Development Authority of India (IRDAI) as being too big or too important to fail. These companies play a critical role in the financial stability of the country’s economy.

As of March 2024, the following three insurers have been identified as D-SIIs:

1. Life Insurance Corporation of India (LIC): LIC is the largest insurance company in India and the largest life insurer in the world by market share. It is a public sector undertaking and enjoys a sovereign guarantee on its policyholder liabilities.

2. General Insurance Corporation of India (GIC Re): GIC Re is a reinsurance company that provides insurance cover to primary insurance companies in India. It is also a public sector undertaking and plays a vital role in supporting the growth of the non-life insurance sector in India.

3. New India Assurance Co. Ltd (New India Assurance): New India Assurance is a leading general insurance company in India. It offers a wide range of insurance products, including property, casualty, and motor insurance. New India Assurance is a public sector undertaking.

These D-SIIs are subject to additional regulatory scrutiny and supervision by the IRDAI to ensure their financial stability and to minimize systemic risks.