IRDAI identifies LIC, GIC and New India Assurance as D-SIIs

Current Context: The Insurance Regulatory Development Authority of India (IRDAI) has identified LIC (Life Insurance Corporation of India), GIC (General Insurance Corporation of

India) and New India Assurance as D-SIIs (Domestic-Systematically Important Insurers).

• IRDAI has also asked these three insurance companies to increase the level of corporate governance, by identifying relevant risks and to have risk free management culture.
• They are also asked to increase regulatory supervision by IRDAI. 
• The mark of D-SIIs refers to insurers of such size, market importance level and global inter-connections whose failure or distress can result in a significant dislocation in the country’s finance system. Therefore, to fulfil the mark of D-SIIs, these insurers have to function their operation without any interruptions in insurance services to the economy of the country.
• The D-SIIs are perceived as insurers which are ‘too big or too important to fail’ (TBTF). 
• The parameters defined by IRDAI to identify such insurers, monitor them, identify their methodology and supervision of their mark of D-SIIs are: Size of operations with respect to total revenue, including premium underwritten and the value of assets and global activities with more than one jurisdiction. 
• Static Part: 
• HQ of IRDAI: Hyderabad
• Chairman of IDRAI: Subhash C Khuntia
• HQ of LIC, GIC, New India Assurance: Mumbai

Question: 

Q.1 IRDAI has identified which of the following insurance company/companies as D-SIIs (Domestic-Systematically Important Insurers)?
a. LIC
b. United India Insurance Company Ltd
c. New India Assurance Company Ltd 

d. Both (a) and (c)