Insurance Regulatory and Development Authority of India (IRDAI) has identified three insurance companies as Domestic Systemically Important Insurers (D-SIIs) for 2020-21.
- Those are government-backed entities including Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and New India Assurance.
What are D-SIIs?
- Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such magnitude whose distress or failure would cause a significant dislocation in the domestic financial system.
- Those companies should have global and local inter-connectedness.
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