Section 25 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
25. Undertakings to be completed by service company for Lloyd's India.
(a)The service company shall complete the Lloyd's Service Company Coverholder Undertaking through which the Service Company agrees to comply with all relevant rules and requirements of both Lloyd's and the local legal, fiscal, taxation and regulatory authorities.(b)The service company shall also complete the Lloyd's Coverholder Decision Paper which provides detailed information on the proposed Service Company, including:i. the level of underwriting and claims authority granted to the Service Company,ii. the business strategy for the Service Company,iii. details relating to principal staff operating in the Service Company,iv. financial information,v. professional indemnity details,vi. classes of business to be underwritten by the Service Company,vii. the approach the Service Company will take to ensure compliance with registration requirementsviii. other requirements as specified by Lloyd's subject to approval of the Authority.(c)Subsequent to completing the decision paper, the service company shall perform Lloyd's Service Company Self- Assessment against the Lloyd's Minimum Standards which includes information such as any internal audit carried out on the Service Company.(d)Any other requirement that may be specified by the Authority from time to time.
