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Domestic Systemically Important Insurers (D-SIIs)
Why is it in news?
- The Insurance Regulatory and Development Authority of India (IRDAI) has identified the LIC, General Insurance Corporation of India (GIC) and The New India Assurance Co. as Domestic Systemically Important Insurers (D-SIIs) for 2020-21.
Details:
- The LIC, GIC and The New India Assurance Co. are public sector insurers.
- IRDAI has asked the three public sector insurers to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture.
About D-SIIs:
- D-SIIs are perceived as insurers that are too big or too important to fail.
- It's distress or failure would cause a significant dislocation in the domestic financial system.
- Their continued functioning is critical for the uninterrupted availability of insurance services to the national economy.