Insurance Regulatory and Development Authority of India registers Valueattics Reinsurance and identifies Domestic Systemically Important Insurers for 2024-25

The Insurance Regulatory and Development Authority of India published outcomes from its 129th Authority meeting, including approval of a certificate of registration for Valueattics Reinsurance Ltd and the annual identification of Domestic Systemically Important Insurers (D-SIIs) for financial year 2024-25. Valueattics Reinsurance Ltd was described as the first reinsurer granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape. D-SIIs for FY 2024-25 were identified as Life Insurance Corporation of India, The New India Assurance Company Ltd and General Insurance Corporation of India. The Authority also reviewed status updates on Bima Sugam, including compliances and processes of the Bima Sugam India Federation under the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, noted progress on mission-mode initiatives such as Indian Risk-Based Capital, Ind AS (converged IFRS) and the Risk Based Supervisory Framework, took stock of activities of the Insurance Information Bureau of India and the Institute of Insurance and Risk Management, and discussed progress on the State Insurance Plan including a Master Scheme that is under active consultation and envisages multi-tier governance and a central Mission Office.