LIC, GIC Re, New India continue to be D-SIIs for 2023-24

The Insurance Regulatory and Development Authority of India has identified three Domestic Systemically Important Insurers (DSlls) for the year 202324. “Life Insurance Corporation of India, General Insurance Corporation of India and New India Assurance Co Ltd continue to be identified in the 202223 list of DSlls,’‘ the insurance regulator said in a release on Wednesday.

DSlls refer to insurers of such size, market importance, and domestic and global interconnectedness

“Therefore, the continued functioning of DSlls is critical for the uninterrupted availability of insurance services to the national economy,’‘ IRDAI said.

DSlls are perceived as insurers that are ‘too big or too important to fail’ (TBTF). This perception and perceived expectation of government support may amplify risktaking, reduce market discipline, create competitive distortions and increase the possibility of distress in the future.