Section 10(2)(f) in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
(f)an affidavit by the principal officer and the promoters of the applicant certifying that the paid up equity capital referred to in sub-clause (b) of clause (7-A) of section 2 of the Act, calculated is in accordance with regulation 11 does not exceed twenty six per cent.;