Aparna Lucknow, India 601 Questions 0 Answers 0 Best Answers 678 Points View Profile Aparna Asked: October 12, 20212021-10-12T18:32:46+05:30 2021-10-12T18:32:46+05:30In: Economics What are D-SIIs? What is Domestic Systemically Important Insurers (D-SIIs)? bankingcurrent affairs Share Facebook 1 Answer Recent 0 Questions 518 Answers 176 Best Answers 0 Points View Profile [Deleted User] 2021-10-12T18:46:59+05:30Added an answer on October 12, 2021 at 6:46 pm Context: The Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and The New India Assurance Co have been identifi ed as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by insurance regulator IRDAI. D-SIIs D-SIIs refer to insurers of such size, market importance and domestic and global interconnectedness whose distress or failure would cause a signifi cant dislocation in the domestic fi nancial system. D-SIIs are perceived as insurers that are ‘too big or too important to fail’. This perception and the perceived expectation of government support will amplify risk taking, reduce market discipline, create competitive distortions, and increase the possibility of distress in the future. The new D-SIIs Largest insurer: LIC is the largest insurer in the country with a balance sheet of Rs 31.2 lakh crore. Sole reinsurer: GIC Re is the country’s sole re insurer. Largest general insurance company: New India is the country’s largest general insurance company. All three entities are owned by the government. About IRDAI Insurance Regulatory and Development Authority (IRDA) has been set up as autonomous body under the IRDA Act, 1999. IRDAI regulates the Indian insurance industry to protect the interests of the policyholders and work for the orderly growth of the industry. IRDAI’s Mission: To protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. What will they do as ‘D-SIIs’ Raise the level of corporate governance. Identify risk & promote management culture. Enhance regulatory supervision. Methodology for identifi cation & supervision of D-SIIs. The parameters include: the size of operations in terms of total revenue, including premium underwritten and the value of assets under management Global activities across more than one jurisdiction lack of substitutability of their products and/or operations. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is Pathalgadi? What is Bodo Accord?
The Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and The New India Assurance Co have been identifi ed as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by insurance regulator IRDAI.
The new D-SIIs
What will they do as ‘D-SIIs’
Methodology for identifi cation & supervision of D-SIIs.