Summary: The Insurance Regulatory and Development Authority of India (IRDAI) has issued a consultation paper proposing the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) (First Amendment) Regulations, 2026 to align the existing framework with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 and strengthen India’s reinsurance ecosystem. The draft amendments propose a significant reduction in the minimum net owned fund requirement from ₹5,000 crore to ₹1,000 crore for applicants, introduce standardized application and registration forms for Foreign Reinsurers’ Branches (FRBs) and Lloyd’s entities, and streamline procedures for registration, rejection, revocation, and issuance of duplicate registration certificates. The proposals also empower the Authority to order transfer of business, prescribe additional grounds for suspension or cancellation of registration, and require entities to adopt policies for maintaining reinsurance contracts and claims records. Stakeholders have been invited to submit comments on the exposure draft by 10 July 2026.
Insurance Regulatory and Development Authority of India
1. The Insurance Regulatory and Development Authority of India (IRDAI) proposes amendments to the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, in light of the changes introduced through the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (SBSR Act).
Objectives of the Proposed Amendments:
2. The proposed amendments seek to align the existing regulatory framework with the revised provisions of the Insurance Act, 1938; to promote orderly growth of the reinsurance market in India; to strengthen and harmonize the current legal and regulatory framework related to reinsurance operations in India.
3. The key amendments to the Regulations are as under:
3.1 Definitions and Eligibility criteria: Amendments are proposed in definitions relating to ‘Applicant’ and their eligibility conditions for registration.
These proposed amendments seek to ensure consistency and remove interpretational ambiguities.
3.2 Registration Framework: The proposed amendments include:
a. Reduction of requirement for having net owned funds of the applicant to rupees one thousand crore from five thousand crore.
b. Insertion of reference to Form numbers for registration of Foreign Reinsurers Branches (FRB) and Lloyd’s entities in the related provisions of the Regulations.
c. Inclusion of Forms IRDAI/Reins/R1, IRDAI/Reins/R2 under Schedule II for registration of Foreign Reinsurers Branches (FRBs) and Forms S-1, S-2, S-3 for Lloyd’s entities under Schedule III.
d. Inclusion of Forms IRDAI/Reins/R3, IRDAI/Reins/R4 for FRBs under Schedule II and S-4 for Lloyd’s entities under Schedule III relating to issue of registration certificates.
e. Restructuring of provisions relating to rejection of application for registration and revocation of certificate of registration relating to Lloyd’s Service companies and syndicates
These proposed amendments seek to improve regulatory clarity and ensure consistency with statutory requirements.
3.3 Other matters
a. Introduction of additional conditions related to suspension or cancellation of certificate of registration granted to FRBs and Lloyd’s entities.
b. Inclusion of the power of Authority to issue orders for ‘transfer of business or a class of the business of an entity to any other entity’.
c. Inclusion of provisions related to requirement of having an appropriate policy on ‘maintenance of reinsurance contracts and claims records’.
These proposed amendments seek to improve regulatory clarity and strengthen regulatory framework related to reinsurance operations in India.
4. Stakeholder Feedback
The Authority invites comments from stakeholders on the proposed amendments. Exposure draft of the Regulations is as per Annexure 1. Stakeholders may submit their comments on the Exposure Draft in the format specified in Annexure 2. Feedback may be submitted to Ms. Annapurna at annapurna.mv@irdai.gov.in with a copy to Ms. B Aruna at aruna@irdai.gov.in on or before 10th July, 2026.
This Consultation Paper is issued for public and industry comments.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, [the date]
Insurance Regulatory and Development Authority of India (Registration and Operations
of Foreign Reinsurers Branches and Lloyd’s India) (First Amendment) Regulations, 2026
In exercise of the powers conferred by Sections 114A of the Insurance Act, 1938, read with Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes amendment to the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024.
1. Short title, commencement and applicability:
i. These regulations shall be called the “Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) (First Amendment) Regulations, 2026”.
ii. These regulations shall come into force from the date of their publication in the Official Gazette.
2. Objective:
The objective of these amendments is to align with the amendments made in Insurance Act 1938 and IRDA Act 1999 while simultaneously streamlining and strengthening the overall regulatory framework.
3. In Regulation 3, clause (a) and (b) of sub-regulation (2) shall be substituted, namely:-
“(a) a company or a body established or incorporated under a law of any country outside India and engaged in re-insurance business other than Lloyd’s;
(b) Lloyd’s established under the Lloyd’s Act, 1871 (United Kingdom) or any of its Members”
4. In Regulation 4, clause c of sub-regulation (1) shall be substituted, namely: –
“(c) The Net Owned Fund of the applicant shall not be less than the specified amount of rupees one thousand crore at the time of application;”
5. In Regulation 4, proviso to sub-regulation (3), shall be omitted.
6. In Regulation 5, clause (b) of sub-regulation (1), shall be substituted, namely: –
“(b) any other class as may be notified by the Central Government in consultation with the Authority from time to time”
7. In Regulation 5, clause (a) of sub-regulation (2), shall be substituted, namely: –
“(a) An applicant, excluding Lloyd’s India, desirous of carrying on reinsurance business in India through its branch office, shall make a requisition for registration application. The Competent Authority, upon receipt of application for issuance of Form IRDAI/Reins/R1 as specified in Schedule II and after examining the matters considered relevant to its satisfaction, shall issue the Form IRDAI/Reins/R1 to the applicant. The form shall be valid for a period of three months, within which the applicant shall submit the duly filled Form IRDAI/Reins/R1 to the Authority for its consideration.”
8. In Regulation 5, Clause (a) of sub-regulation (4), shall be substituted, namely: –
“(a) An applicant, whose application for registration has been accepted by the Competent Authority, shall make an application in Form IRDAI/Reins/R2 as specified in Schedule II for grant of a certificate of registration for carrying on reinsurance business in India”
9. In Regulation 5, sub clause (iii) of Clause (b) of sub-regulation (4) for word “five”; “one” shall be substituted.
10. Sub-regulation (2) of Regulation 6 shall be substituted, namely: –
“(2) On being satisfied with the above and matters considered relevant as specified under Schedule I, the Authority shall, at its discretion, register the applicant as a branch office of a foreign reinsurer for which the applicant is found suitable and grant the applicant a certificate in Form IRDAI/Reins/R3 as specified in Schedule II”
11. In Regulation 8, sub-clause (a) of sub-regulation (2), shall be substituted, namely: –
“(a) The eligible promoters as mentioned in regulation 3(12) who wish to set-up a service company to underwrite reinsurance at Lloyd’s India shall make an application to the Authority through Lloyds India in the Form S-2 as specified in Schedule III. The application shall also be accompanied with a Joint certification by the Lloyd’s India Service Company and Lloyd’s India Syndicate in Form S-3 as specified in Schedule III.”
12. Sub-regulation (1) of Regulation 9, shall be substituted, namely: –
“(1) Syndicates of Lloyd’s who wish to underwrite reinsurance through a Service Company in Lloyd’s India shall apply along-with the service company to the Authority through Lloyd’s India in Form S-2 as specified in Schedule III. The application shall also be accompanied with a Joint certification by the Lloyd’s India Service Company and Lloyd’s India syndicate in Form S-3 as specified in Schedule III.”
13. Sub-regulation (1) of Regulation 10, shall be substituted, namely: –
“(1) The Authority after taking into account all submissions including the recommendation of Lloyd’s India shall issue a certificate of registration jointly to the service company of Lloyd’s India and the syndicate (s) it represents in Form S-4 as specified in Schedule III.”
14. In Regulation 11, sub-regulation (1) shall be substituted, namely: –
“(1) Lloyd’s India shall inform the Authority about the Members of Lloyd’s who wish to participate in Lloyd’s India in Form S-1 as specified in Schedule III.”
15. In Regulation 13, for the marginal heading the following marginal heading shall be substituted, namely:
“13. Rejection of application for registration (R2) and (S-2)”
16. Regulation 14, shall be substituted, namely: –
“ 14. Rejection of application or revocation of certificate of registration for service Company of Lloyd’s India:
1. Where an application of an Indian company for setting up a service company is rejected by Lloyd’s India, the Indian company may appeal to the Competent Authority.
2. The Competent Authority may consider the appeal and taking into account all facts of the case may pass necessary orders.
3. Where the certificate of registration issued by the Competent Authority is sought to be revoked by Lloyd’s India, request for the same shall be sent to the Competent Authority along with the recommendation of Lloyd’s India giving the reasons for revocation.
4. The Competent Authority may consider the request and taking into account all facts of the case, may pass necessary orders.
5. The orders issued under this Regulation shall be communicated by the Competent Authority within thirty days of passing such orders.”
17. Regulation 17 shall be substituted, namely: –
“17. The Authority may, on receipt of fee of rupees five thousand along with applicable taxes, issue a duplicate certificate of registration to an entity that makes an application to the Authority in Form IRDAI/Reins/R4, as specified in Schedule II.”
18. In Regulation 23, after sub- clause (p) of sub-regulation (1), new sub- clause (q) shall be inserted, namely: –
“(q) makes a default in complying with any final judgement or order by a court or tribunal, and the Authority has a reason to believe that any claim upon the branch of foreign insurer under any reinsurance contract remains unpaid for three months after such court order.”
19. In Regulation 26, sub-regulation (3), shall be substituted, namely: –
“(3) The Authority after considering the reply to the show-cause notice, shall as soon as possible from the receipt of the reply, pass such orders as it deems fit, including transfer of business or a class of the business of the entity to any other entity. If no reply is furnished to the Authority by the concerned entity within ninety days of the service of the notice, the Authority shall proceed to decide the issue ex-parte.”
20. In Regulation 30, sub-regulation (12), shall be substituted, namely: –
“(12) Every Branch office of foreign reinsurer shall put in place appropriate policy, approved by their Executive Committee of the Management, on maintenance of reinsurance contracts and claims records and destruction of old records both physical and electronic form, considering the nature, importance, business needs and other applicable legal and regulatory requirements.”
21. After Schedule I, new Schedule II and Schedule III shall be inserted, namely: –
“Schedule II
Registration of Foreign Reinsurers Branches
As per Regulation 5(3) of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024 an applicant whose Requisition for R1 application has been accepted shall submit the application in the specified format as below:
FORM IRDAI/ REINS/ R1
[REGISTRATION APPLICATION FOR BRANCH OF FOREIGN REINSURER]
1. Name of the applicant:
2. Address:
3. Date of incorporation of the applicant: [DD/MM/YYYY]
4. Registration No. (issued by the regulatory Authority of Foreign Country):
5. Line of reinsurance business:
i. Life and/or General and/or Health reinsurance business; or
ii. any other classes as may be notified by the Central Government in consultation with the Authority from time to time
6. Amount of authorized capital or its equivalent and amount subscribed:
i. In case of Lloyd’s India: Amount of authorized capital or its equivalent and amount subscribed
ii. In case of FRBs other than Lloyd’s India: Amount of authorized capital, face value of shares and amount subscribed
7. Name, Address and contact details of the person(s) responsible for the affairs of branch of Foreign reinsurers:
8. Name, Address and contact details of the Regulatory Authority in its home jurisdiction where the applicant is registered:
9. Net Owned Fund of the applicant as on _____ (not more than twelve months prior to the date of application):
10. Credit rating for the last 3 years from any internationally renowned credit rating agencies.
11. of years that the applicant has been active in the foreign reinsurance business:
12. Permission from the home country regulator allowing establishing a branch office in India:
13. Minimum Solvency Margin prescribed by the home regulator:
14. Solvency margin of the applicant:
15. Basis of calculating the solvency margin:
16. Details of Shareholders of the applicant: [Please give full name, address, Occupation, Qualifications and Experience, Number of shares held, percentage of holding in the paid up capital of the foreign reinsurer.]
Details of persons holding 1% or more of the paid up capital or its equivalent of the applicant are to be given in Table 1. Please attach separate sheets if necessary.
Table1:
Full Name
|
Date of Birth\
|
Address with
|
Qualifications |
Experience |
Present occupation |
No. of shares (voting
|
Remarks |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
Mr. / Ms. |
|||||||
Note: In case of Lloyd’s, the details of applicant shall be with regard to the Members of the Council of Lloyd’s including the Chief Executive Officer.
Table 2:
Details with regard to Members of Lloyd’s who wish to participate in Lloyd’s India –
Full Name
|
Date of Birth/
|
Address withTelephone Nos., FaxNos., E-mail |
Qualifications |
Experience |
Present occupation |
No. of shares (voting
|
Remarks |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
Mr. / Ms. |
|||||||
Note for Table 1 and 2: If the shareholder/ subscriber is a company or a body corporate registered in a foreign country, provide the name of the company or body corporate in column (1), the country of incorporation and the date of registration in column (2), mention the areas of operation of the company in col.(5), leaving the columns 4 and 6 blank; particulars indicating the countries of operation, nature of business enclosing statements of accounts of the company or body corporate for the last 5 years are to be given. Adequate care may be taken to furnish full and complete information truthfully. Any misrepresentation found later will lead to disqualification of the applicant.
17. Applicant: This section should set out the background information. Following information should be included:
-
- Particulars of the applicant (e.g. company name, address, names of directors, etc.).
- Nature of business, years in business of the applicant.
- Record of regulatory interventions/restrictive directions (if any) for last five years in respect of the applicant.
- The applicant’s reasons for entering the reinsurance market in India.
- Strengths of the applicant (specific experience, expertise, financial strength, market relationships)
- Audited Financial statements for the last five years.
- Ratings by international credit rating agencies for the last three years excluding the year of submitting the application
- The obligations like capital, including working capital support, training and development of resources, risk management, governance and oversight, IT Support, etc. towards the India branch operations undertaken by the applicant.
18. Branch of Foreign Reinsurer Details
Key aspects of branch:
-
- Name of the Branch Office.
- Branch Office Address:
- Address for Communication (state the name of the Authorized person, telephone numbers, fax numbers, mobile number, e-mail address and such other details:
- Chief Executive Officer & other Key Management Personnel and allocation of responsibilities. (Proposed)
- Organizational structure. Reporting relationships.
19. Lloyd’s India Details (To be filled in case applicant is Society of Lloyds):
-
- Lloyd’s India Address:
- Address for Communication (state the name of the Authorised person, telephone numbers, fax numbers, mobile number, e-mail address and such other details:
- Chief Executive Officer & CFO and allocation of responsibilities. (Proposed)
- Organizational structure. Reporting relationships.
- Details of Members of Syndicates who delegate authority to Service Companies and Lloyd’s India (Table 3): [Please give full name, address, percentage of holding in the paid up capital of the service company, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 1% of the paid up capital or its equivalent of the applicant shall be given.
Table3:
Full Name
|
Date of Birth/
|
Address with
|
Qualifications |
Experience |
Present occupation |
No. of equity
|
Remarks |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
Mr. / Ms. |
|||||||
Note: If the shareholder/ subscriber is a company or a body corporate registered in a foreign country, provide the name of the company or body corporate in column (1), the country of incorporation and the date of registration in column (2), mention the areas of operation of the company in col.(5), leaving the columns 4 and 6 blank; particulars indicating the countries of operation, nature of business enclosing statements of accounts of the company or body corporate for the last 5 years are to be given. Adequate care may be taken to furnish full and complete information truthfully. Any misrepresentation found later will lead to disqualification of the applicant.
20. Capital structure
-
- Amount of Assigned Capital:
21. Details of Directors of the applicant and the persons responsible for overseeing the branch of Foreign Reinsurer; Key persons such as Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Underwriting officer and Chief Compliance Officer:
Please furnish the particulars in separate sheets for each individual in the format given below: –
Name (and any previous names)
Private and Business Address (including any other private addresses within the last 15 years), current Telephone, and E-mail Addresses:
Date and Place of Birth
Nationality (and any previous Nationality)
Passport / Identity Card:
— Number
— Date and Place of Issue:
— Date of expiry
— Issuing Authority:
Name and Address of Bank:
— Account Numbers and Type of Account:
— Details of any loans or guarantees issued to or on behalf of the company in which the Directors and Key Management Personnel have a management or shareholding interest
Family Status
Details and Dates of Academic Qualification:
Details and Dates of Professional Qualification:
Description of the prospective position (including responsibilities) and proposed date of commencement:
Work Experience:
— Existing and Previous Employers (covering last 15 years)
— Details of whether the Directors and Key Persons and / or their Employers have been formally supervised or regulated
— Nature of Employer’s Business
— Designation: (including duties and responsibilities)
— Date of Appointment
— Date of Resignation/Departure
— Details of Other Business interests in the last 15 years where the Directors and
Key Management Personnel have been a working shareholder, director or controller.
Relationship with the Company or related Companies or other third parties: –
— Details of shareholdings or voting powers in the company, or group Companies or third parties:
— Details of any Business relationships with the company or group Companies or third parties:
— Details of any Business relationships between the Directors and Key Management
Personnel former employers and the company or group Companies or third parties:
Full details of the Directors and Key Management Personnel reputation and character:
— whether the applicant has ever been declared bankrupt;
— any convictions for any offence involving fraud or other dishonesty;
— any disqualification of the Directors and Key Management Personnel from acting as a director or in the management of any company or organisation;
— whether the Directors and Key Management Personnel have ever been refused (or had revoked) a licence or authorisation to carry on any regulated financial business;
Any censure or disciplinary action initiated by any government, regulatory or professional body;
Any dismissals from office or employment, subjection to disciplinary proceedings by the employer of Directors and Key Management Personnel or refusal of entry to any profession or occupation;
Any litigation in which the Directors and Key Management Personnel have been involved over the last 5 years;
Whether any governmental, regulatory or professional body has ever investigated any employer, company or organisation with which the Directors and Key Management Personnel have been associated as a director, officer, manager or shareholder;
Whether any company or organisation with which the Directors and Key Management Personnel were associated as a director, officer, manager, shareholder or controller has ever been wound up, gone into receivership or ceased trading either whilst the Directors and Key Management Personnel was associated with it or within one year after the Directors and Key Management Personnel so ceased to be associated.
In the Remarks column, please mention whether any director is an agent, broker, any other intermediary, director or employee of any other insurance company (or reinsurer) in India or in any foreign country or director of any other company in India or in any foreign country.
22. Financial Projections
A description of the model used for financial projections and assumptions should be provided, (financial projections for a period of 5 years, separately for each year from the commencement of operations). These should set out the following:
-
- Amount of business.
- Size of support and administrative staff.
- Premium income.
- Investment income.
- Commissions and other sales related expenses.
- Expenses of administration.
- Income tax and other taxes.
- Statutory reserves.
- Required and available solvency margins.
- Profit and loss accounts and balance sheets.
- Capital needs.
- Break-even periods and the Return on Capital.
This section should also discuss the manner in which the future capital needs will be met.
23. Particulars of Previous Application: Has the applicant ever applied for registration or request for registration in India? If so, give particulars in details (including rejections, if any).
24. Conclusion: In conclusion, the applicant should discuss the viability of the operations and summarize its overall objective for setting up operations in India. Any special issues or concerns should also be indicated.
Certification
I/We, the undersigned, solemnly declare that the facts given in this application form on behalf of the Applicant are true and that the projections and estimations are based on reasonable assumptions.
Place:
Date:
Signature of the Authorized Person(s) (with seal)
As per Regulation 5(4) of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024 an applicant whose application for registration R1 has been approved, shall make an application in Form IRDAI/Reins/R2 in the specified format as below:
FORM IRDAI/REINS/ R2
APPLICATION FOR REGISTRATION
1. Geographic Spread: Give the address of the administrative office and other offices. Please furnish which countries, jurisdictions and territories the branch office of foreign reinsurer will cover.
2. Market Research and Analysis
The applicant may have undertaken some form of market analysis to ascertain the market potential. The applicant may furnish full description of the research, along with the conclusions reached.
3. Types of Reinsurance arrangements to be offered
The applicant may give detail of the types of reinsurance arrangements that it will offer
to the Indian and other markets in order to enable it to become a regional hub.
4. Underwriting
This section should describe the approach used for underwriting of proposals, etc. Also state the nature of support to be provided in underwriting and in training of underwriters and upgradation of skills of their local persons by the applicant.
5. Investments
The applicant should describe its investment philosophy that will be appropriate for the products it intends to market. Other information should include the investment personnel, location of the investment operations, investment brokers to be used, etc. and norms regarding Investment, Valuation, Exposure – Prudential – Provisioning Norms.
6. Information Technology (IT)
Full description should be provided of the following:
-
- The different areas where IT systems will be employed.
- The degree of interconnectivity of the systems.
- A description of how the IT systems will be used to develop the required Management Information System.
7. Retention Limits and Reinsurance
The nature of reinsurance arrangements should be described fully, giving the following details:
-
- The basis of reinsurance.
- Terms of reinsurance.
- Manner of reinsurance support from head office.
8. Recruitment and Training- Technical skills
Details of the technical skills of the people who will work in the branch of foreign reinsurer. 11 Different areas may require personnel with different skill sets. Some of the special technical skills would require special focus. The applicant should submit a detailed write-up on its plans to impart technical skills and knowledge locally.
9. Internal Controls
The applicant will need to establish a set of procedures and norms for various activities at the branch in India. The manner in which these will be monitored should be described.
10. Expenses of Administration
The proposed expenses as a per cent of premium for the entire projection period.
Certification
I/ We, the undersigned, solemnly declare that the facts given in this application form on behalf of the Applicant are true and that the projections and estimations are based on reasonable assumptions.
Place
Date:
Signature of the Authorized Person(s) (with Seal)
As per Regulation 6 of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, the Authority shall issue Certificate of Registration in the format as below:
IRDAI/REINS/ R3
| Field | Details |
| Authority | INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA |
| Document Title | CERTIFICATE OF REGISTRATION |
| Registration Number | ________________________ |
| Certificate Text | This is to certify that ABC REINSURANCE COMPANY located at __________________________________________ has this day been registered in accordance with the provisions of sub-section (2A) of section 3 of the Insurance Act, 1938 (4 of 1938) to transact the classes of business specified in the Schedule below. |
| Issue Clause | Issued under the seal of the Authority at this __________ day of __________ two thousand and ________________________________. |
| Schedule | Classes of business which may be transacted: |
| Class of Business 1 | __________________________________________ |
| Class of Business 2 | __________________________________________ |
| Authorized Signatory | Authorized Signatory (with Seal) |
Schedule (Separate Table)
| Sl. No. | Class of Business |
| 1 | __________________________________________ |
| 2 | __________________________________________ |
As per Regulation 17 of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, an applicant shall submit an application for issuance of duplicate certificate of registration in the specified format as below:
FORM IRDAI/REINS/R4
APPLICATION FOR ISSUE OF DUPLICATE CERTIFICATE OF REGISTRATION
To
Insurance Regulatory and Development Authority of India.
Hyderabad
We request you to issue a duplicate certificate of registration for which we give below the following details:
1. Name of the branch of Foreign Reinsurer:
2. Registration Number:
3. Date of Certificate of Registration:
4. How original certificate has been lost, destroyed or mutilated?
5. Particulars of remittance of fee.
Place:
Date:
Yours truly,
Signature of the Chief Executive Officer
(Name of the Chief Executive Officer) (With Seal)
Enclosures:
1. Original copy of the resolution of the Board/ Executive Committee for the issue of duplicate certificate.
2. Details of remittance of Fee of Rupees five thousand to the Authority through any recognized electronic mode and the unique reference number for such transaction
Schedule III
Registration of Syndicates and Service Companies of Lloyds India
As per Regulation 11 of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, Lloyd’s India shall inform the Authority about the Members of Lloyd’s who wish to participate in Lloyd’s India in the specified format as below:
Form S-1
Details of Members of Lloyd’s India
1. Details of Members of Lloyd’s India: [Please give full name, address, percentage of holding in the paid up capital of the foreign reinsurer, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 1% of the paid up capital or its equivalent of the applicant are to be given.
Full Name
|
Date of Birth/
|
Address withTelephone Nos., FaxNos., E-mail |
Qualifications |
Experience |
Present occupation |
No. of shares(voting
|
Remarks |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
Mr. / Ms. |
|||||||
Note: If the shareholder/ subscriber is a company or a body corporate registered in a foreign country, provide the name of the company or body corporate in column (1), the country of incorporation and the date of registration in column (2), mention the areas of operation of the company in col. (5), leaving the columns 4 and 6 blank; statements of accounts of the company or body corporate for the last 5 years are to be given
As per Regulation 8 & 9 of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, Service company and syndicate shall submit their application in the specified format as below:
Form S-2
Application Form – IRDAI/ Lloyd’s India Service Company & Lloyd’s India Syndicate (to be applied through Lloyd’s India)
1. Details of Lloyd’s India Service Company
1. Name of the Lloyd’s India Service Company:
2. Address:
3. Date of incorporation of the applicant: [DD/MM/YYYY]
4. Registration No. issued by the Registrar of the Company, India:
5. Main objects of MOA/ AOA of the Lloyd’s India service company:
6. Amount of authorised capital or its equivalent and amount subscribed:
7. of years that the managing agent / promoter of the service company has been active. If so, details thereof:
8. Permission from Lloyd’s allowing establishment of a service company by the Managing Agent or Board Resolution by the Board of Directors of the promoter of the service company, as applicable:
9. Details of shareholders/ subscribers of the service company: [Please give full name, address, percentage of holding in the paid up capital of the managing agent, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 5% of the paid up capital or its equivalent of the applicant are to be given.
Full Name
|
Date of Birth\
|
Address withTelephone Nos., FaxNos., E-mail |
Qualifications |
Experience |
Present occupation |
No. of shares (voting
|
Remarks |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
Mr. / Ms. |
|||||||
Note: If the shareholder/ subscriber is a company or a body corporate registered in a foreign country, provide the name of the company or body corporate in column (1), the country of incorporation and the date of registration in column (2), mention the areas of operation of the company in col.(5), leaving the columns 4 and 6 blank; particulars indicating the countries of operation, nature of business enclosing statements of accounts of the company or body corporate for the last 5 years are to be given. Adequate care may be taken to furnish full and complete information truthfully. Any misrepresentation found later will lead to disqualification of the service company.
Details of Managing Agent / Promoter of the Service Company, as applicable: This section should set out the background information. Following information should be included:
i. Particulars of the Managing Agent / Promoter of the service company, as applicable (e.g. company name, address, names of directors, etc.).
ii. Nature of business, years in business of the Managing Agent/ Promoter of the Service Company.
iii. Record of regulatory interventions/restrictive directions for last five years (if any) in respect of the Managing Agent/ Promoter of the Service Company.
iv. Audited Financial statements for the last five years.
v. Strengths (specific experience, expertise, financial strength, market relationships) of the Managing Agent/ Promoter of the service company.
11. Details of Service Company
This section should provide the key aspects of the service company. This will cover the following:
- Service Company Address:
- Address for Communication (state the name of the Authorised person, telephone numbers, mobile number, e-mail address and such other details:
- Whether the service company has completed the Lloyd’s Service Company Coverholder Undertaking through which the Service Company agrees to comply with all relevant rules and requirements of both Lloyd’s and the local legal, fiscal, taxation and regulatory authorities. – Yes/ No
- Whether the service company has completed the Lloyd’s Coverholder Decision Paper – Yes/ No
- Please provide detailed information on the following:
i. the level of underwriting and claims authority granted to the Service Company by the Managing Agent/ Promoter;
ii. the business strategy for the Service Company which will include geographic spread, underwriting, types of reinsurance arrangements including retention limits, investments, information technology recruitment and training, internal controls, expenses of administration, technical skills.
iii. details relating to KMPs operating in the Service Company,
iv. financial information,
v. professional indemnity details,
vi. classes of business to be underwritten by the Service Company,
vii. the approach the Service Company will take to ensure compliance with registration requirements.
- Allocation of responsibilities of Chief Executive Officer, Chief Underwriting Officer, Chief Financial Officer & Chief Compliance officer (Proposed)
- Organizational structure, control and oversight
- Whether the service company has completed the Lloyd’s Service Company Self-Assessment against the Lloyd’s Minimum Standards – Yes/ No
- Whether the Service company has entered into Service Company Underwriting Agreement, a contract that delegates authority to the service company from Members of Lloyd’s of the relevant syndicates – Yes/ No
- If yes, the details of the syndicates they represent
12. Details of all the Directors, Chief Executive Officer (CEO), Chief Underwriting Officer (CUO), Chief Financial Officer (CFO) and Chief Compliance Officer (CCO) of the service company (Key Management Personnel):
Please furnish the particulars in separate sheets for each individual the pro-forma given below: –
Name (and any previous names)
Home/ Residence and Business Address (including any other residential addresses within the last 15 years), current Telephone, and E-mail Addresses:
Date and Place of Birth
Nationality (and any previous Nationality)
Passport / Identity Card:
–Number
–Date and Place of Issue:
–Date of expiry
–Issuing Authority:
Details of any loans or guarantees issued to or on behalf of the company in which the Directors and Key Management Personnel have a management or shareholding interest
Family Status
Details and Dates of Academic Qualification:
Details and Dates of Professional Qualification:
Description of the prospective position (including responsibilities) and proposed date of commencement:
Work Experience:
– Existing and Previous Employers (covering last 15 years)
– Details of whether the Directors and Key Persons and / or their Employers have been formally supervised or regulated
– Nature of Employer’s Business
– Designation: (including duties and responsibilities)
– Date of Appointment
– Date of Resignation/Departure
– Details of Other Business interests in the last 15 years where the Directors and Key Management Personnel have been a working shareholder, director or controller.
Relationship with the Company or related Companies or other third parties: –
– Details of shareholdings or voting powers in the company, or related Companies or third parties:
– Details of any Business relationships with the company or related Companies or third parties:
– Details of any Business relationships between the Directors and Key Management Personnel former employers and the company or related Companies or third parties:
Full details on the Directors and Key Management Personnel reputation and character: –
– whether the applicant has ever been declared bankrupt;
– any convictions of any offence involving fraud or other dishonesty;
– any disqualification of the Directors and Key Management Personnel from acting as a director or in the management of any company or organisation;
– whether the Directors and Key Management Personnel have ever been refused (or had revoked) a registration or authorisation to carry on any regulated financial business;
Any censure or disciplinary action initiated by any Government, regulatory or professional body;
Any dismissals from office or employment, subjection to disciplinary proceedings by the employer of Directors and Key Management Personnel or refusal of entry to any profession or occupation;
Any litigation in which the Directors and Key Management Personnel have been involved over the last 5 years;
Whether any governmental, regulatory or professional body has ever investigated any employer, company or organisation with which the Directors and Key Management Personnel have been associated as a director, officer, manager or shareholder;
Whether any company or organisation with which the Directors and Key Management Personnel were associated as a director, officer, manager, shareholder or controller has ever been wound up, gone into receivership or ceased trading either whilst the Directors and Key Management Personnel was associated with it or within one year after the Directors and Key Management Personnel so ceased to be associated.
In the Remarks column, please mention whether any director is an agent, broker, any other intermediary, director or employee of any other insurance company (or reinsurer) in India or in any foreign country or director of any other company in India or in any foreign country.
II. Details of the Lloyd’s India Syndicate
Name and other details of Members of Lloyd’s promoting Lloyd’s India Syndicate:
Permission from Members of Lloyd’s to set-up Lloyd’s India syndicate:
Line of reinsurance business that will be underwritten by Lloyd’s India syndicate:
a. Life and/or General and/or Health reinsurance business; or
b. any other classes as may be notified by the Central Government in consultation with the Authority from time to time
Whether the syndicate has entered into the Service Company Underwriting Agreement – Yes/No
If yes, details of the service company
Amount of assigned capital of Lloyd’s syndicate: Rs ….
Financial Projections
A description of the model used for financial projections and assumptions should be provided, (financial projections for a period of 5 years separately, for each year from the commencement of operations). These should set out the following:
-
- Amount of business.
- Size of support and administrative staff.
- Premium income.
- Investment income.
- Commissions and other sales related expenses.
- Expenses of administration.
- Income tax and other taxes.
- Statutory reserves.
- Required and available solvency margins.
- Profit and loss accounts and balance sheets.
- Capital requirements.
- Break-even periods and the Return on Capital.
This section should also discuss the manner in which the future capital needs will be met.
Particulars of Previous Application: Has the applicant ever applied for registration or request for registration in India? If so, give particulars in details (including rejections, if any).
Conclusion: In conclusion, the applicant should discuss the viability of the operations and summarize its overall objective for setting up operations in India. Any special issues or concerns should also be indicated.
Form S-3
Joint Certification by the Lloyd’s India Service Company and Lloyd’s India
Syndicate
We, the undersigned, solemnly declare that the facts given in this application form on behalf of the Applicant are true and that the projections and estimations are based on reasonable assumptions.
1. Signature of the Authorised Person representing Lloyd’s India Service Company (with seal) ……………..
2. Signature of the Authorised Person representing Lloyd’s India Syndicate (with seal)
Place:
Date:
Certification by Chief Executive Officer, Lloyd’s India
I, the undersigned, solemnly declare on behalf of applicant that the facts given in this application form are true.
Signature of the Chief Executive Officer, Lloyd’s India (with seal)
Place
Date:
As per Regulation 10 of IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, the Authority shall issue joint certificate of registration to service company and syndicate of Lloyd’s India in the format as below:
Form S-4
JOINT CERTIFICATE OF REGISTRATION FOR LLOYD’S INDIA SERVICE COMPANY AND LLOYD’S INDIA SYNDICATE
| Field | Details |
| Authority | INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA |
| Certificate Title | JOINT CERTIFICATE OF REGISTRATION |
| Registration Number | ________________________ |
| Certificate Text | This is to certify that: |
| Entity 1 | Name of the Lloyd’s India Service Company with address: __________________________________________ |
| Entity 2 | Name of the Lloyd’s India Syndicate: __________________________________________ |
| Registration Statement | Has this day been jointly registered in accordance with the provisions of sub-section (2A) of section 3 of the Insurance Act, 1938 (4 of 1938) to become constituents of Lloyd’s India and transact reinsurance business in accordance with the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024. |
| Issue Clause | Issued under the seal of the Authority at this __________ day of __________ two thousand and ________________________________. |
| Place | ________________________ |
| Date | ________________________ |
| Issued By | For Insurance Regulatory and Development Authority of India |
Alternative Layout (Better for Word)
JOINT CERTIFICATE OF REGISTRATION |
|
Authority |
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA |
Registration Number |
__________________________ |
Lloyd’s India Service Company (with address) |
________________________________________________ |
Lloyd’s India Syndicate |
________________________________________________ |
Registration Details |
Has this day been jointly registered in accordance with the provisions of sub-section (2A) of section 3 of the Insurance Act, 1938 (4 of 1938) to become constituents of Lloyd’s India and transact reinsurance business in accordance with the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024. |
Issued Under Seal |
At this __________ day of __________ two thousand and ________________________. |
Place |
__________________________ |
Date |
__________________________ |
Signature |
For Insurance Regulatory and Development Authority of India |
B. Suggestions on Exposure draft on Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) (First Amendment) Regulations, 2026
