 "Lloyd’s of London gets R1 licence for onshore reinsurance branch in India")
Specialist insurance and reinsurance player Lloyd’s of London has secured R1 approval from the Indian Regulator, Insurance Regulatory and Development Authority of India (IRDAI), to provide onshore reinsurance services in India.
This means Lloyd’s market is now in a position to set up a branch in India in 2017. R1 is the first stage of approval for any insurance entity in India.
After R1, the regulator gives R2 and R3 licenses post which the branch can become operational.
John Nelson, Lloyd’s Chairman said that they look forward to establishing a branch in Mumbai in 2017.
"I believe Lloyd’s can bring unique benefits to India by providing both protection and new opportunities for many domestic insurance businesses,” added Nelson.
Lloyd’s has been in discussions with the Insurance Regulatory and Development Authority of India (IRDAI) since it filed its application for a reinsurance branch based in Mumbai earlier this year, following the IRDAI’s publication of the regulations governing Lloyd’s market in March 2016.
As part of its on-shore plans, Lloyd’s appointed Shankar Garigiparthy as its new Country Manager for India in April 2016.
In 2015, more than 90 syndicates were underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide.
