Lloyd’s initiates talks with India insurance regulator

Lloyd’s has reportedly initiated talks with India’s insurance regulatory development authority (Irda).

According to reports, Lloyd’s has approached Irda to discuss starting operations in India and opening offices in the country’s capital.

This follows the passage of the Insurance Bill on March 13, 2015, through the upper house of the Indian parliament. The bill raises the foreign direct investment (FDI) cap in the insurance sector to 49 percent from 26 percent.

Many have welcomed the new legislation, including the American Insurance Association.

Stephen Simchak, director of international affairs for the AIA, said: “AIA and its members are very glad that US property-casualty insurers and other insurers will be able to invest more in the Indian market. The government in New Delhi made it clear from the outset that attracting more investment in India’s growing economy is a priority or them, and pushing this bill through the parliament is evidence of that determination.”