Insurance Regulator Permits UK-Based Lloyds to Set Up Business in India

New Delhi: The Insurance and Regulatory Development Authority of India on Friday permitted UK-based Lloyds to set up business in the country and have floated draft rules and regulations relating to the reinsurance sector. "Consequent upon promulgation of Insurance Laws (Amendment) Act, 2015, Lloyds UK has been permitted to set up branch office in the country," Insurance regulator IRDAI said in statement. This necessitates the autho...