CURRENT AFFAIRS

Detailed explanation-1: -“In order to identify such insurers and to put such insurers to enhanced monitoring mechanisms, the Insurance Regulatory and Development Authority of India has developed a methodology for identification and supervision of D-SIIs, ” IRDAI said.

Detailed explanation-2: -Insurance regulator, Insurance Regulatory and Development Authority of India (Irdai) has stated that LIC, GIC Re and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22.

Detailed explanation-3: -Dileep Vishwakarma. Notes: Insurance regulator IRDAI has identified Life Insurance Corporation (LIC), General Insurance Corporation (GIC) and New India Assurance (NIA) as Domestic Systemically Important Insurers (D-SII).

Detailed explanation-4: -Among the various life insurance providers, the LIC is the sole government-owned insurance company. In the non-life insurance domain, there are six public sector insurance companies. The General Insurance Corporation of India (GIC Re) is the sole national reinsurer in India.

Detailed explanation-5: -The Life Insurance Corporation of India (LIC), General Insurance Corporation of India and The New India Assurance Co have been identified as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by insurance regulator IRDAI.