Section 38(1) in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
(1)If Lloyd's India fails to deposit the annual fee before the date specified in regulation 37, the Authority may accept the payment of annual fee along with an additional fee by way of penalty of:a. Two percent of the annual fee if paid within 30 days from the specified date.b. Ten percent of the annual fee if paid before the end of financial year
