Section 16 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
16. Consideration of Application.
(a)The Authority shall take into account for considering the grant of certificate of registration, all matters relating to carrying on the business of reinsurance by the applicant through Lloyd's India.(b)In particular and without prejudice to the generality of the foregoing, the Authority shall consider the following matters for grant of certificate to the applicant, namely:-(a)the record of conduct and performance of the directors and persons in management of the applicant;(b)the proposed infrastructure of Lloyd's India;(c)the proposed underwriting skills that will be transferred to Lloyd's India;(d)other relevant matters for carrying out the provisions of the Act.(c)The Authority on being satisfied that-(i)the application in Form IRDAI/ Lloyd's/ R2 is complete in all respects and is accompanied by all documents required therein;(ii)the applicant shall carry on the reinsurance business as may be specified;may accept the application for registration to the applicant.
