Life Insurance Corporation of India has said the Insurance Regulatory and Development Authority's requirement that extra 50 per cent solvency margins above regulatory norms be maintained was unfair and unwarranted.

"We have already provided for 100 per cent of solvency margins required under the IRDA rules, about Rs 10,000 crore (Rs 100 billion), and the expectation for additional 50 per cent provisions is unfair and unjustified," LIC chairman S B Mathur told newspersons in Mumbai on Monday.

"LIC has a track record and does not feel the need for extra margins as the corporation has the support of unrealised gains from the government securities valued at Rs 50,000 crore (Rs 500 billion) and every insurance policy is underwritten by the government of India," Mathur said.

In addition, LIC also taps large real estate assets base, he said.

"We have communicated our stand to the government of India, 100 per cent owner of the corporation and IRDA, and hope they would consider our views," R N Bharadwaj, managing director, LIC, said.