Chennai, March 13 (IANS) India's insurance regulator will frame guidelines for syndicates of Britain's Lloyd's to operate in the country, a senior official said Friday.
He also said the Insurance Regulatory and Development Authority of India (IRDAI) would come out with revised regulations governing the non-life and health insurance sectors in three months following the passage of the insurance bill by the parliament on Thursday.
"The basic philosophy of protecting the policyholder's interest would continue to permeate in the proposed regulations," M.Ramaprasad, member (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI) told IANS on Friday.
According to him, being a member of Lloyd's syndicate in Brittain will not be the qualifying criteria to start operations here.
"We will have separate regulations governing the insurance syndicates of Lloyd's and those who qualify under the norms would be allowed to operate. The norms would also take care of the policyholder's interests relating to claims settlement," Ramaprasad said.
Lloyd's is not an insurance brand but a marketplace where syndicates come together to underwrite a risk.
The Lloyd's market is home to 57 managing agents and 93 syndicates underwriting risks.
"We will first satisfy ourselves the comfort levels of syndicates before allowing them," he said.
Ramaprasad said IRDAI will also have to come out with regulations for allowing branches of foreign reinsurers to transact business in India.
On the health insurance sector, the earlier regulations would be studied again and if changes are needed it would be made, he remarked.
In the year 2002, it was the first time when one of the most beautiful women in the world, beauty
Pakistani generals insist on early elections to appoint new army chief
Many rumors are going on about who will be the next Army Chief. There is already a tense atmosphe
Tensions with the US have increased due to the reduction in oil production by the OPEC+ countries
Satyendar Jain Case: The problems of Delhi's Health Minister Satyendar Jain are not taking the na
What is more difficult for players in IPL 2020 than Corona?
The thirteenth season of the Indian Premier League is beginning in Abu Dhabi against the two most
External Affairs Minister S Jaishankar will go on a two-day visit to Russia today. There he will
Gyanvapi Survey: Lawyers of the Muslim side said - Shivling is being told to fountain of Vazukhana
The survey went on for three days at Gyanvapi Mosque in Varanasi. The lawyer for the Hindu side h
Person of the Year: Time Magazine selected Ukraine's President Zelensky as 'Person of the Year 2022'
Ukrainian President Volodymyr Zelensky has been named 'Person of the Year by Time magazine. The m
Singapore Global Schools Foundation: Singapore-based Indian-origin Global Schools Foundation (GSF
Motorists using the expressway will have to pay more from Monday. The National Highways Authority
