Section 13 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
13. Consideration of requisition for registration application.
(a)The Authority shall take into account all matters relating to carrying on the business of reinsurance by the applicant while considering its requisition for registration application.(b)In particular and without prejudice to the generality of the foregoing, the Authority shall consider the following matters, namely: -(i)the general track record of conduct and performance of the applicant in the field of business/ profession they are engaged in;(ii)the record of conduct and performance of the directors and persons in management of the applicant;(iii)the proposed infrastructure of Lloyd's India, to effectively carry out the reinsurance business;(iv)the proposed business plan for the five succeeding years;(v)other relevant matters for carrying out the provisions of the Act.(c)The Authority on being satisfied with the information submitted that-(a)the requisition in Form IRDAI/ Lloyd's/ R1 is complete in all respects and is accompanied by all documents required therein;(b)Lloyd's India will carry on all functions in respect of the reinsurance business;may accept the requisition and direct supply of the application for registration to the applicant.
