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IRDA lists norms for Lloyd’s Indian entry

Like other reinsurers who want to set up operations in branch operations in India, Lloyd’s has to infuse a minimum assigned capital of Rs 100 crore into Lloyd’s India.

The Insurance Regulatory and Development Authority (IRDA) has finally unveiled regulations that will facilitate the Lloyd’s of London to operate in the Indian market.

Like other reinsurers who want to set up operations in branch operations in India, Lloyd’s has to infuse a minimum assigned capital of Rs 100 crore into Lloyd’s India. “Lloyd’s will set up Lloyd’s India, that will be granted certificate of registration to establish a market and associated structures for conduct of reinsurance business in India and outside India in the manner set out in the regulations,’’ Irda said. The constituents of Lloyd’s India will include members of Lloyd’s, formed collectively as syndicates who delegate authority to service companies, located within Lloyd’s India.

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The syndicates and service firms of Lloyd’s India will also be issued certificate of registration by the IRDA. Lloyd’s India being a market should ensure that the market and the constituents are housed within an office location of Lloyd’s India for the conduct of reinsurance business. It will have the “managing agent” which is a corporate entity with permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions on behalf of members of Lloyd’s.

Members of Lloyd’s are those who wish to participate in Lloyd’s India. Among other conditions, IRDA has stipulated that the Net Owned Fund of Lloyd’s will not be less than Rs 5,000 crore to consider granting licenses. The applicant should have a minimum credit rating which is having at least good financial security characteristics from any of the internationally renowned rating agencies for the last 3 years.

First uploaded on: 30-03-2016 at 02:38 IST

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