Section 28 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
28. Rejection of application or revocation of certificate of registration for a service company of Lloyd's India.
(a)Where an application of Indian company for setting up a service company is rejected by Lloyd's India, the Indian company may appeal to the Authority.(b)The Authority may consider the appeal and considering all facts of the case may pass necessary orders.In case the application of a service company of Lloyd's India is rejected by the Authority, such an order shall be communicated by the Authority within thirty days of such rejection in writing stating therein the ground on which the application has been rejected.(c)Where the certificate of registration issued by the Authority is sought to be revoked by Lloyd's India the same shall be sent to the Authority along-with the recommendation of Lloyd's India giving the reasons for revocation.(d)The Authority may consider the request and considering all facts of the case may pass necessary orders.(e)In case the certificate of registration of a service company of Lloyd's India is revoked by the Authority, such an order shall be communicated by the Authority within thirty days of such revocation in writing stating therein the ground on which the application has been revoked.(f)An applicant aggrieved by the decision of the Authority under sub-regulation (b) may, within a period of forty-five days from the date on which a copy of the decision is received appeal to the Securities Appellate Tribunal (SAT) for reconsideration of the decision.
