IRDAI seeks data from insurers on exposure to IL&FS, DHFL, Indiabulls

The IRDAI has sought information from insurers on their exposure to Infrastructure Leasing & Financial Services (IL&FS), Dewan Housing Finance Corporation (DHFL), Indiabulls, and Anil Dhirbubhai Ambani group companies, informed sources. “The regulator perhaps wants to see the strength of the insurance companies,” according to a chief executive officer of a life insurance company. The insurance companies whose information was sought by IRDAI, have been downgraded by credit rating agencies recently. “Usually, it is left to the insurers on how they deal with downgraded entities. But this may have been done to find if there is any over exposure the insurers have against their asset base,” said a former member of IRDAI. The IRDAI had earlier also asked the insurers with exposure to IL&FS to provide for their exposure. A lot of insurers including the state-owned behemoth Life Insurance Corporation have exposure to IL&FS.