D-SII Insurers 2024-25: LIC, New India Assurance, GIC Re
Why in the news
IRDAI retained three state-owned insurers as D-SIIs and cleared a new private reinsurer.
Key facts
- D-SIIs: LIC, The New India Assurance, GIC Re; their size makes them vital to financial stability, so they face enhanced supervision.
- Valueattics Reinsurance: reinsurance-only; promoters are Prem Watsa-backed FAL Corporation (majority) and Kamesh Goyal’s Oben Ventures LLP.
- Initial paid-up capital: ₹210 crore.
Other reforms
- Bima Sugam: digital insurance marketplace, progress reviewed.
- Risk-Based Capital and risk-based supervision under way.
- State Insurance Plan: decentralised model down to gram panchayats to find protection gaps.
Significance
- Tighter oversight of key insurers, more reinsurance competition and wider rural coverage.
Exam angle
- D-SII designation: IRDAI; digital platform: Bima Sugam.