Explanation:

Domestic Systemically Important Bank (D-SIBs)

• D-SIB means that the bank is too big to fail. According to the Reserve Bank of India (RBI), some banks become systemically important due to their size, cross-jurisdictional activities, complexity and lack of substitute and interconnection. Banks whose assets exceed 2% of GDP are considered part of this group.
• Presently, the State Bank of India (SBI), ICICI Bank, and HDFC Bank have been identified as DSIBs in India.

Significance

• Should such a bank fail, there would be significant disruption to the essential services they provide to the banking system and the overall economy.
• The too-big-to-fail tag also indicates that in case of distress, the government is expected to support these banks.
• Due to this perception, these banks enjoy certain advantages in funding. It also means that these banks have a different set of policy measures regarding systemic risks and moral hazard issues.
• In the insurance sector the Insurance Regulatory and Development Authority of India (IRDAI) will identify Domestic Systemically Important Insurers (D-SIIs). 
• For the year 2020-21 The Life Insurance Corporation of India (LIC), General Insurance Corporation of India and The New India Assurance Co have been identified as Domestic Systemically Important Insurers (D-SIIs).

Hence both statements are correct.