The Insurance Regulatory and Development Authority of India (IRDAI) has designated Life Insurance Corporation of India, The New India Assurance Company Limited and General Insurance Corporation of India as Domestic Systemically Important Insurers (D-SIIs) for FY 2025-26. According to reports from The Hindu BusinessLine, the list of D-SIIs remains unchanged from the previous financial year. D-SIIs refer to insurers of such size, market importance, and domestic as well as global interconnectedness that their distress or failure could cause significant dislocation in the domestic financial system. Therefore, the continued functioning of these insurers is critical for the uninterrupted availability of insurance services to the national economy.
Given the nature of their operations and systemic importance, these insurers are required to continue strengthening corporate governance standards, identifying all relevant risks, and promoting a robust risk management framework and culture. As reported by The Hindu BusinessLine, the move comes amid broader regulatory efforts to strengthen oversight in the insurance sector. The regulator emphasized that these insurers must maintain their critical role in ensuring uninterrupted insurance services to the national economy.
Separately, IRDAI has asked entities offering insurance products on e-platforms to carry out a self-assessment of their compliance with the Guidelines on Prevention and Regulation of Dark Patterns issued by the Central Consumer Protection Authority (CCPA). According to the circular reported by The Hindu BusinessLine, a report on compliance status must be submitted to the Authority within 15 days. Dark patterns refer to user interface designs that mislead or manipulate consumers into taking unintended actions. The insurance regulator recently underscored the need for regulated entities offering insurance products on e-platforms to comply with the CCPA guidelines issued on November 30, 2023.
Wherever non-compliance is found, an action plan, along with timelines for removing the dark patterns, must be submitted within one month by the regulated entities, as stated in the IRDAI circular reported by The Hindu BusinessLine. This move aligns with a broader regulatory push across the financial sector to curb deceptive digital practices. The Reserve Bank of India has also flagged concerns about 'dark patterns' — user interface designs that mislead or manipulate consumers into unintended actions.
The Authority has also constituted a joint expert group to implement the Ind AS framework, which is to be adopted by insurers for accounting purposes from April 1, 2026. As reported by The Hindu BusinessLine, this development represents a significant accounting reform for the insurance sector. The implementation of Ind AS will bring greater standardization and transparency to insurers' financial reporting, supporting better decision-making and regulatory oversight in the insurance industry.
