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Member, Beacon International Group, Ltd.
The Insurance Regulatory and Development Authority of India has issued regulations for Lloyd's of London to start operations in the country, reported Business Standard.
IRDA said that each Lloyd's syndicate has to retain a minimum of 30% or 50% of the Indian reinsurance business based on the type of the certificate or registration.
Syndicates granted approval would not to be given preference for cessions by Indian insurers unless they have received approval for exemption from the retention limit, said the regulator.