Section 23 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
23. Norms for establishing Service Companies of Lloyd's India.
(a)Managing Agents of Lloyd's and Indian companies wishing to participate in Lloyd's India shall set up a service company with the following normsi. The service company may be a private or a public limited company with a minimum capital of rupees five lakh.ii. The main objects of MOA/ AOA shall be to provide all technical, underwriting, binding risks, settling claims, administrative, accounting, investment, regulatory and other assistance to the syndicate(s) whom they represent.iii. The service company shall be responsible for all statutory & regulatory filings and compliances on behalf of the syndicate it represents.iv. The Chief Executive Officer (CEO) of a service company shall be subject to fit & proper criteria and shall be appointed with prior approval of the Authority.v. Any other requirement that may be specified by the Authority from time to time
