Section 33 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
33. Conditions governing approval to operate as a syndicate in Lloyd's India.
(a)Every syndicate shall through the service company maintain an assigned capital of rupees five crore.(b)The syndicates shall enter into Service Company Underwriting Agreement, a contract that delegates authority to the service company from the Members of Lloyd's of the relevant syndicates.(c)Syndicates of Lloyd's India shall ensure that:i. the reinsurance business is managed on behalf of the members of Lloyd's India through the service company;ii. the members of the syndicates contract with the reinsured;iii. premiums are collected at syndicate level and carried to a premium trust funds held for that syndicate;iv. outward reinsurance is placed and recoveries are collected at syndicate level;v. expenses associated with the conduct of the business are incurred and paid at syndicate level;vi. liabilities are paid at syndicate level;vii. surpluses are determined at syndicate level;viii. cash calls are made at syndicate level; andix. any other requirement that may be specified by the Authority from time to time.
