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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

India * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations



Lloyd's underwriters are not licensed to write insurance in or from India.

  • Residents in India may remit funds for securing healthcare insurance with a Lloyd's underwriter, provided however that the Indian resident procuring a general insurance (including health insurance) policy has obtained prior general or specific permission from the Central Government and the Reserve Bank of India. For more information on this exception please see below.
  • Risks situated in Special Economic Zones (SEZ), provided relevant permissions/registrations have been obtained and premiums are paid in foreign currency. For more information on this exception please see below.
  • Special approval by the Insurance Regulatory and Development Authority  of India (IRDAI)
  • Marine cargo insurance, which may be insured outside India in accordance with terms of trade


Lloyd's underwriters are permitted to write some (see below) reinsurance business in India through Lloyd's India, or on a cross-border basis provided the underwriting takes place outside of the territory. For more information about placing business through Lloyd's India, please contact LITA.

This is subject to the following: 

  • A compulsory reinsurance cession is in place (see the Insurance Act 1938 section 101A and the Insurance Regulatory and Development Authority of India (Reinsurance) Regulations 2018 (IRDAI Reinsurance Regulations), Regulation 3.2.A.a. Indian insurers must place a prescribed percentage of each policy with the "Indian reinsurer", the General Insurance Corporation (GIC). This is currently 5% (as of 1 April 2019).  Please note that this cession applies to all classes, with the exception of terrorism premium and premium ceded to the Nuclear pool, wherein it would be made 'NIL'.
  • With effect from 1 January 2019, every Indian reinsurer shall maintain a minimum retention of 50% of its Indian business (IRDAI Reinsurance Regulations, Regulation 3.2.C).
  • With effect from 16 January 2017, all Indian reinsurance business is subject to “Order of Preference” Regulations which require Indian insurers to cede business to reinsurers according to a prescribed order of preference. See below for more detail on the Regulations.
  • A requirement is in place that not more than 10% of an Indian insurer's reinsurance premium per risk ceded outside India be placed with any cross border reinsurer that has a rating of BBB or BBB+ from Standard & Poor’s, 15% with a cross border reinsurer with a rating  greater than BBB+ and up to and including A+ from Standard & Poor’s, and 20% with one that has a rating greater than A+ from Standard & Poor’s.  Lloyd's is currently rated A+ (Strong) by Standard and Poor’s and A (Excellent) by  A.M Best.  If an insurer wants to cede a larger proportion of the risk  to a cross border reinsurer, it requires the IRDAI's specific approval.
  • The reinsurance arrangements of Indian insurers are subject to regulatory oversight. Indian insurers are expected to "maximise retention within the country" (IRDAI Reinsurance Regulations, Regulation 3.1.A).

Effective 6 January 2012, the IRDAI require all reinsurers transacting reinsurance business on a cross-border basis to file an information sheet. Lloyd's has provided the necessary information required and specific syndicate information for this purpose which can be found below.

In December 2013, regulations on insurance brokers were issued which introduced a requirement that a local reinsurance intermediary must be in the chain when reinsurance contracts are placed with offshore reinsurers such as Lloyd's. Please see the "Intermediary Regulation" section for further details.

Last updated: 23 Apr 2019

Definition of risk location


A risk is deemed to be an Indian risk where the risk is situated in India or the contract of insurance relates to an Indian insured. Any ship, vessel or aircraft registered in India is also considered an Indian risk.  This does not apply to marine cargo insurance, which may be insured outside India in accordance with terms of trade.  

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 29 Dec 2017

Compulsory classes


The following classes are compulsory in India:

  • Motor third party liability for motor vehicles.
  • Third party liability for industries storing hazardous materials.
  • Professional indemnity insurance for direct insurance and reinsurance brokers, insurance marketing firms, and stockbrokers.
  • Aviation carriers' liability.
  • Professional indemnity for mutual fund managers.
  • Oil pollution coverage (a financial guarantee or insurance) as per Civil Liability Convention
Last updated: 29 Dec 2017

Tax - Overview

Summary of taxes applicable to insurance

  • Income Tax – In relation to Lloyd’s liabilities the ceding company is responsible for income tax and paying it over to the authorities. Lloyd’s underwriters may claim relief from this tax under the double taxation treaty between India and the UK if they provide a certificate of residence to the (re)insured/person paying the premium in India.
  • Service tax - Lloyd's underwriters are not liable for or responsible for administering service tax, any tax due is settled by the insured.
  • Stamp duty - Lloyd's underwriters are not liable for or responsible for administering stamp duty, the local intermediary or the insured settles any stamp duty liability.

Location of risk for tax purposes

Income tax should only apply if the payer of the premium advises that it is due and then only if documentation certifying UK tax residence status has not been provided by the Managing Agent.

Lloyd's tax department does not centrally handle taxes in this jurisdiction.

Last updated: 25 Sep 2013

With effect from 1 April 2010 new rules mean that every non-resident in receipt of income from India which is subject to withholding tax must furnish a Permanent Account Number (PAN) to the India payer before payment is made. Reinsurance and insurance premiums paid to Lloyd's underwriters are currently not subject to withholding tax and therefore it should not be necessary for underwriters to provide a PAN. Any enquiries concerning these new rules should be referred to Lloyd's Taxation Department.

Last updated: 21 Jun 2010

Financial considerations

Exchange controls

Exchange controls exist.
Last updated: 29 Dec 2017

Distribution channels

Coverholder business

Service Companies and Coverholders
Last updated: 29 Dec 2017

click for more detail More detail

Intermediary regulation

Insurance intermediaries must be licensed with the Insurance Regulatory and Development Authority of India.

Insurance placements: Insurance intermediaries are not permitted to place insurance business on a non-admitted basis.

Reinsurance placements: It is a requirement to use a local reinsurance intermediary when placing reinsurance contracts with offshore reinsurers, such as Lloyd's.
Last updated: 29 Dec 2017

Insurance documentation

Insurance documents


Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 15 Feb 2019

Language of contract

Policies are generally issued in Hindi and English. However, the English version will prevail in the event of a dispute.
Last updated: 29 Dec 2017

Choice of law

Lloyd’s is not a licensed insurer in this territory.

Lloyd’s underwriters therefore write insurance business emanating from this territory either as reinsurance or as insurance on an exempt or non-admitted basis.

Contracts should include a choice of law clause and an underwriter can agree with an insured the country’s law that the choice of law clause will specify.
Last updated: 29 Dec 2017


Lloyd’s is not a licensed insurer in this territory.

Lloyd’s underwriters therefore write insurance business emanating from this territory either as reinsurance or as insurance on an exempt or non-admitted basis.

A contract should include a clause specifying the jurisdiction that will apply and an underwriter can agree with an insured the jurisdiction that will be specified. Nevertheless, this designation may not be effective in the event of a dispute.
Last updated: 29 Dec 2017




For initial contact on matters regarding India, please contact:

Mr Shankar Garigiparthy
Country Manager, India
Tel number: +91 22 6813 3699 Email:

Lloyd’s India
Unit 1, Level 6,
4 North Avenue, Maker Maxity
Bandra Kurla Complex, Bandra East
Mumbai 400 051
Maharashtra – India

Last updated: 13 Nov 2018