Insurance Regulatory and Development Authority of India grants Valueattics Reinsurance a registration and names three domestic systemically important insurers

The Insurance Regulatory and Development Authority of India published outcomes from its 129th Authority meeting, including approval of a certificate of registration for M/s Valueattics Reinsurance Ltd to carry out exclusively reinsurance business under the revamped regulatory landscape, and the identification of Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25. For FY 2024-25, the D-SIIs are Life Insurance Corporation of India, The New India Assurance Company Ltd. and General Insurance Corporation of India. The Authority also reviewed compliance, activities and processes of Bima Sugam India Federation, the insurer-formed entity setting up the Bima Sugam Insurance Electronic Marketplace under the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, and noted progress on mission-mode initiatives covering Indian Risk-Based Capital, Ind AS (converged IFRS) and the Risk Based Supervisory Framework, alongside updates on activities of the IRDAI-promoted Insurance Information Bureau of India and Institute of Insurance and Risk Management. The meeting discussed progress on the State Insurance Plan, including actions by lead insurers allocated to States and Union Territories, and a proposed Master Scheme that is under active consultation. The proposed approach includes a multi-tier governance model at state, district, urban and gram panchayat levels, a focus on phygital insurer presence across states, and a central Mission Office to oversee execution and monitor progress.