The FINANCIAL -- Lloyd’s, the specialist insurance and reinsurance market, on November 17 responded to the draft regulations governing the registration and operation of a reinsurance branch in India.
The passage of the Insurance Laws 2015 earlier this year permitted foreign reinsurers to establish branches in India for the first time and included recognition of the Lloyd’s market structure. On Friday the Insurance Regulatory and Development Authority of India (IRDAI) published a draft of the criteria for Lloyd’s to establish a branch in India. This follows the publication of criteria for other foreign reinsurers in October, according to Lloyd’s.
Welcoming the publication of the draft guidelines, Lloyd’s Chairman John Nelson said:
“We are pleased to see the commencement of the consultation phase on appropriate regulation that will allow Lloyd’s to establish an onshore branch in India.
“We look forward to working closely with IRDAI to ensure the requirements are appropriate to accommodate Lloyd’s unique structure, on an equal footing with other reinsurers, and to managing a quick and smooth transition.
“Lloyd’s fully expects to continue to provide its important reinsurance services to Indian cedants as it develops an onshore presence in India.”