Consider the following statement regarding the Domestic Systematically Important Insurer of India, and identify the correct statement?
i. Life Insurance Corporation is the only insures which falls under D - SII.
ii. New India Assurance is the only insures which falls under D - SII.
iii. GIC Re is one of the insurers which falls under D - SIIs category by IRDAI.
1.Only I
2.Only II
3.Only III
4.Both I and II
5.None of the above
Correct Answer : 3
Solution :
The correct statement regarding Domestic Systemically Important Insurers (D-SIIs) in India, as identified by the Insurance Regulatory and Development Authority of India (IRDAI), is that GIC Re is one of the insurers falling under the D-SII category. D-SIIs are insurers whose failure could significantly impact the financial system, requiring enhanced regulatory oversight. As of 1st July 2023, the IRDAI has designated three insurers as D-SIIs: Life Insurance Corporation (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance.
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