Section 27 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
27. Conditions governing service companies of Lloyd's India.
(a)The service companies of Lloyd's India shall be subject to compliance of the conditions laid down by Lloyd's India.(b)The service companies shall enter into Service Company Underwriting Agreement, a contract that delegates authority to the service company from the Members of the relevant syndicates.(c)The service company of Lloyd's India under the Service Company Underwriting Agreement shall be responsible for the following:i. Binding insurances and amendments thereto on behalf of Members of Lloyd's;ii. Acting on behalf of Members of Lloyd's for the purpose of receiving premiums from reinsured's and settling refunds and to receive claims money prior to onward transmission to reinsured's;iii. management and control of expenses;iv. employment of underwriting staff;v. Any other task that may be entrusted to it by Lloyd's India to carry out the business of reinsurance in an efficient manner.(d)The service company shall undertake the following:i. issuance of documents evidencing the contracts of insurance, endorsements and other such documents evidencing cover as may be agreed in writing by the underwriters;ii. collect and process premiums and return premiums on the underwriters behalf;iii. handle claims and/or settle claims, if authorised;iv. shall use prominently the name of the Syndicates which they represent and that they are merely writing on Syndicates capacity and not acting as insurers themselves;v. skill development and capacity building of local talent;vi. strive to make India as a reinsurance hub;vii. compliance with FEMA and other local laws;viii. compliance to the conditions laid down by Lloyd's India;ix. compliance of Act, Regulations, guidelines, circulars issued by the Authority;x. compliance to any other requirement that may be specified by the Authority from time to time.
