New Delhi : UK-based re-insurer Llyod’s has initiated talks with insurance regulator IRDA for starting operations in India and opening offices here. “Llyod’s has informally approached IRDA for expansion. They have been waiting for the passage of the Bill to take this forward,” Insurance Regulatory and Development Authority of India (IRDA) Chairman T S Vijayan told PTI.
Re-insurance industry is being opened up, he said, adding that Llyod’s may be coming up with branches. Re-insurance is a business which provide insurance cover to insurance players.
IRDA will soon come out with separate norms governing the insurance syndicates of Lloyd’s and those who qualify under the norms would be allowed to operate. The norms would ensure policyholders interests relating to claims settlement.
