The Insurance and Regulatory Development Authority of India has given permission to UK-based Lloyds to set up a branch office in India. This is consequent on the promulgation of Insurance Laws (Amendment) Act, 2015, IRDAI said in a statement. Lloyds India being a market shall ensure that the market and the constituents are housed in one location for the conduct of reinsurance business, it said. The regulation will cover both the registration and operations of Lloyds India, it said, adding that Lloyd’s UK shall set up Lloyd’s India, which will be granted certificate of registration to set up market and associated structures for conduct of reinsurance business in India and outside India. There shall be a two-stage process for approval as followed for Branch Office of Foreign Reinsurers, it said.
