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Lloyd’s given a passage to India

Lloyd’s has welcomed new draft regulations governing its registration and operation of a reinsurance branch in India.

The Insurance Laws 2015 legislation permitting foreign reinsurers to establish branches was passed earlier this year. It included recognition of the Lloyd’s market structure.

Now the Insurance Regulatory and Development Authority of India has published draft criteria for Lloyd’s to open a branch.

This follows publication of criteria for other foreign reinsurers last month.

“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,” Chairman John Nelson said.

“We look forward to working closely with [the authority] 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.”

Mr Nelson says Lloyd’s “fully expects” to continue providing reinsurance services to Indian cedants.