State-owned Life Insurance Corporation of India (LIC), The New India Assurance Company and General Insurance Corporation of India (GIC Re) have retained the domestic systemically important insurers (D-SIIs) tag.
The three insurers have been identified as D-SIIs for 2024-25, Insurance Regulatory and Development Authority of India (IRDAI) said on the decisions and discussions at its 129th meeting on March 12.
Though it did not elaborate, the insurance regulator previously had said the D-SIIs are subjected to enhanced regulatory supervision. D-Slls refer to insurers of such size, market importance and domestic as well as global inter connectedness whose distress or failure would result in a significant dislocation in the domestic financial system, it had said last year.
Another announcement, following the meeting, was the regulator giving its approval to grant certificate of registration to Valueattics Reinsurance. It is the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape. It marks a significant step in fostering competition in the reinsurance sector, IRDAI said in a release on Thursday.
The meeting reviewed the status of the proposed insurance e-marketplace Bima Sugam and the progress on a number of measures, including Indian Risk-Based Capital (RBC) and Risk Based Supervisory Framework. It also discussed the State Insurance Plan, which is under active consultation and which is to be supported by a multi-tiered governance model at the State, district, urban and gram panchayat levels to facilitate localised identification of protection gaps and coverage.
Separately, in a release, Go Digit General Insurance said Valueattics Re is a company promoted by Prem Watsa-backed FAL Corporation and GoDigit founder Kamesh Goyal. It is the first private reinsurer in India to be granted reinsurance license. The company will start with an initial paid-up capital of ₹210 crore to begin operations.
“With this, Digit group of companies (general insurance, life insurance and reinsurance) will strive to become one-stop solution for all insurance needs, allowing us to provide full-spectrum risk coverage,” Mr. Goyal said.
Mr. Watsa-backed FAL Corporation and Mr. Goyal (through Oben Ventures LLP) are also promoters of Go Digit General Insurance and Go Digit Life Insurance. Fairfax subsidiary FAL Corporation will be the majority stakeholder of Valueattics Reinsurance.
Published – March 13, 2025 09:58 pm IST
