Section 44 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
44. Suspension or cancellation of certificate.
- Without prejudice to any penalty which may be imposed or any action taken under the provisions of the Act, the registration of Lloyd's India or the service company or the syndicate granted certification of registration who -(a)conducts its business in a manner prejudicial to the interests of the policyholders or ceding insurers;(b)fails to furnish any information as required by the Authority relating to its reinsurance business;(c)does not submit periodical returns as required under the Act or by the Authority;(d)does not cooperate in any inquiry conducted by the Authority;(e)indulges in manipulating the reinsurance business;(f)indulges in unfair trade practices;(g)fails, at any time, to comply with the provisions of Section 64VA as to the excess of the value of his asset over the amount of his liabilities,(h)is in liquidation or is adjudged as an insolvent,(i)if the business or a class of the business has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority,(j)makes default in complying with, or acts in contravention of, any requirement of the Act or of any rule or any regulation or order made or any direction issued thereunder(k)carries on any business other than insurance business or any prescribed business,(l)makes a default in complying with any direction issued or order made, by the Authority under the Insurance Regulatory and Development Authority Act, 1999,(m)makes a default in complying with , or acts in contravention of, any requirement of the General Insurance Business (Nationalisation) Act, 1972 or the Foreign Exchange Management Act, 1999 or the Prevention of Money Laundering Act, 2002(n)fails to pay the annual fee, or the renewal fee,(o)is convicted of an offence under any law for the time being in forcemay be suspended or cancelled for the category of reinsurance business for such period as may be specified by the Authority by an order;Provided that the Authority for reasons to be recorded in writing may, in case of repeated defaults of the type mentioned above, impose a penalty of cancellation of certificate of registration.In the case of Lloyd's India, the Authority, may withhold registration already made, if it is satisfied that Lloyd's has been debarred by law or practice by the home country to carry on reinsurance business.
