Section 2 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
2. Definitions.
- In these regulations, unless the context otherwise requires:(a)"Act" means the Insurance Act, 1938;(b)"Applicant" means:-a) The Society of Lloyd's on behalf of Members of Lloyd's; hereafter referred to as Lloyd's;b) service companies of Lloyd's India; andc) Syndicates of Lloyd's India.(c)"Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act 1999 (41 of 1999);(d)"Indian reinsurer" means a reinsurer granted certificate of registration by the Authority under Section 101A of the Act.(e)"Insurance Brokers placing risks with Lloyd's India" means Indian Composite/ Reinsurance Brokers who wish to place business with Lloyd's India and meet the specified criteria.(f)"Lloyd's India" means the branch office of the applicant granted certificate of registration by the Authority under these regulations to transact reinsurance business.(g)"Managing Agent" means a corporate entity which has permission from Lloyd's to manage a syndicate and carry on underwriting and other functions on behalf of members of Lloyd's(h)"Members of Lloyd's India" means Member of Lloyd's those who wish to participate in Lloyd's India;(i)"Net Owned Fund (NOF)" shall consist ofi) paid up equity capital,ii) free reserves,iii) securities premium account sum of which is reduced byiv) accumulated losses,v) book value of intangible assets,The Net Owned Fund should be computed on the basis of last audited Balance Sheet and any capital raised after the Balance Sheet date should not be accounted for while computing NOF.(j)"Service Companies of Lloyd's India" meansi) Service Companies promoted by Managing Agents of Lloyd'sii) Service Companies promoted by Indian Companies and meets the specified criteria(k)"Syndicates of Lloyd's India" means Syndicates of Lloyd's who wish to participate in Lloyd's India through a service company delegated authority arrangement.(l)Words and expressions used and not defined in these regulations but defined in the Insurance Act, 1938 (4 of 1938) or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the meanings respectively assigned to them in those Acts, Rules, Regulations issued under those Acts as the case may be.
