Section 20 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
20. Conditions governing the approval of Lloyd's India.
- While considering the grant of certificate of registration for Lloyd's India, the Authority shall stipulate the following conditions:a. The applicant shall furnish a duly certified copy of the resolution of the Board of Directors or the Executive Committee of Management of the applicant, as the case may be, in support of the commitment given in the letter of comfort as per Regulation 11(f).b. Lloyd's India shall be capable of underwriting risks and settling claims on behalf of member of Lloyd's.c. The minimum assigned capital shall be invested in accordance with the IRDAI (Investment) Regulations, 2000 as amended from time to time.d. The applicant shall make a firm commitment to appoint in its branch office in India, sufficiently skilled staff to underwrite specialized classes of business and that the underwriting of Indian business shall take place at the Indian branch on behalf of members of Lloyd's.e. The applicant shall make a commitment to organise training of Indian underwriters in handling various classes of business.f. Lloyd's India shall comply with the requirements of Foreign Exchange Management Act, 1999 and any other law in force governing the operations of such offices.g. Lloyd's India shall follow the Insurance Act, 1938, IRDA Act, 1999, Rules, Regulations, circulars, guidelines, etc. in its operations.
