Which three insurance companies have retained the Domestic Systemically Important Insurers (D-SIIs) tag for 2024-25, as announced by Insurance Regulatory and Development Authority of India?

The correct answer is Life Insurance Corporation of India (LIC), The New India Assurance, General Insurance Corporation of India (GIC Re).

In News

• LIC, The New India Assurance, and GIC Re have been identified as Domestic Systemically Important Insurers (D-SIIs) for 2024-25 by the Insurance Regulatory and Development Authority of India (IRDAI).
• The announcement was made following IRDAI's 129th meeting on March 12, 2025.

Key Points

• D-SIIs are insurers whose failure could significantly impact the domestic financial system.
• These insurers are subject to enhanced regulatory supervision by IRDAI.
• LIC is India’s largest life insurer, while New India Assurance and GIC Re are key players in the general insurance and reinsurance sectors.
• IRDAI also granted a reinsurance license to Valueattics Reinsurance, marking a step towards fostering competition in the reinsurance sector.

Additional Information

• Domestic Systemically Important Insurers (D-SIIs):
  • Identified based on **size, market importance, and interconnectivity** in the financial system.
  • Failure of a D-SII could disrupt financial stability, requiring stricter regulatory oversight.
• IRDAI (Insurance Regulatory and Development Authority of India):
  • Regulates and promotes the Indian insurance industry.
  • Implements policies to protect policyholders and ensure financial stability.
• Valueattics Reinsurance:
  • First private reinsurer registered under India's new regulatory framework.
  • Promoted by **FAL Corporation** (backed by Prem Watsa) and GoDigit founder **Kamesh Goyal**.
  • Initial paid-up capital: **₹210 crore**.