Section 9 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
9. Eligibility criteria.
- The Authority may consider request for requisition for registration application from the applicant to set-up Lloyd's India in India on being satisfied that:(a)The applicant has obtained the prior approval or an in-principle clearance from the home country regulator at the time of filing the application with the Authority.(b)The applicant shall be registered or certified in a national regulatory environment and with whom the Government of India has signed Double Taxation Avoidance Agreement.(c)The Net Owned Fund of the applicant shall not be less than the prescribed amount of rupees five thousand crore at any time.(d)The applicant shall have a minimum credit rating which is having atleast good financial security characteristics from any of the internationally renowned credit rating agencies for the last 3 years.(e)The applicant shall have been in reinsurance business for at least 10 years.(f)The applicant shall have a solvency margin as stipulated by the home regulator.(g)The applicant shall infuse a minimum assigned capital of rupees one hundred crore into Lloyd's India.(h)Any other requirement that may be specified by the Authority from time to time.
