Section 38 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
38.
(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(2)Where Lloyd's India has failed to pay the fee before the end of the financial year then, certificate of registration shall be liable to be cancelled.
