Section 15 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
15. Application for registration.
(1)An applicant, whose requisition for application for registration has been accepted, may make an application in Form IRDAI/Lloyd's/ R2 for grant of certificate of registration.(2)Every application shall be accompanied by-(a)documentary proof of evidence of having rupees one hundred crore or more assigned capital;(b)an affidavit by the person authorised by the Board of Directors or the executive committee of Management, of the applicant, as the case may be, certifying that the requirements of the assigned capital have been satisfied;(c)an affidavit by the applicant certifying that the requirements of section 6(2) of the Act to the effect that Net Owned Fund of the company is above rupees five thousand crore, have been satisfied(d)the receipt showing payment of non-refundable fee of rupees five lakhs;(e)a certificate from a practising chartered accountant or a practising company secretary certifying that all the requirements relating to registration fees, assigned capital and other requirements of the Act have been complied with by the applicant;(f)any other information required by the Authority during the processing of the application for registration.
