Section 21 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
21. Time Limit.
- An applicant who has been granted a certificate of registration under these Regulations shall commence reinsurance business for which he has been authorised within twelve months of the date of registration.Provided, however, that if Lloyd's India is not able to commence the reinsurance business within the specified period of twelve months, it can, before the time limit expires, seek an extension, by a proper written application, to the Chairperson of the Authority.(a)The Chairperson of the Authority on receipt of the request will examine it and communicate the decision in writing either rejecting the request or granting it.(b)No extension of time shall be granted by the Chairperson of the Authority beyond eighteen months from the date of grant of certificate of registration under Regulation 19.
