Section 19 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
19. Grant of certificate of registration.
- The Authority, after making such inquiry as it deems fit and on being satisfied that -(a)The applicant is eligible, and in his/ her opinion, is likely to meet effectively its obligations imposed under the Act;(b)the financial condition and the general character of management of the applicant are sound;(c)the volume of business likely to be available to and earning prospects of the applicant will be adequate;(d)the interests of the general public will be served if the certificate is granted to the applicant in respect of the class of reinsurance business specified in the application;may register the applicant as a branch office of Lloyd's for reinsurance category as specified in Regulation 8 of these regulations for which the applicant is found suitable and grant the applicant a certificate in Form IRDAI/Lloyd's / R3.
