CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Insurance Regulatory and Development Authority of India (IRDAI) has designated three insurers as Domestic Systemically Important Insurers (D-SIIs) for fiscal year 2023–24. These insurers, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance Co Ltd, have maintained their D-SII status from last year. D-SIIs are large and market-significant insurers whose distress or failure has the potential to undermine the domestic financial system.
Importance Of D-SIIs
The continuing operation of D-SIIs is regarded as critical for maintaining the uninterrupted availability of insurance services to the national economy. These insurers are classified as "too big or too important to fail" (TBTF), demanding additional regulatory measures to handle systemic risks and moral hazard concerns.
Key Regulatory Measures
Enhanced Corporate Governance- D-SIIs must raise their corporate governance standards to guarantee that their operations are strong and transparent.
Enhanced Regulatory Supervision- Due to their systemic relevance, D-SIIs are exposed to increased regulatory scrutiny in order to manage risks and maintain regulatory compliance.
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