Section 37 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
37. Annual fee.
(1)Lloyd's India which has been granted a certificate of registration under Section 3 of the Act shall pay an annual fee to the Authority by 31st day of December of each financial year.(2)The annual fee shall be higher of(a)five lakhs rupees, or(b)one twentieth of one percent of the total premium in respect of facultative reinsurance accepted in India during the financial year preceding the year in which the annual fees is required to be paid subject to a maximum of rupees ten crore.
