Section 37(2) in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
(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.
