Planning to send its representatives to meet the government officials and discuss about the latest developments in the insurance industry, including the amendments in the Insurance Act
After retreating from India almost two years ago, London-based global reinsurance giant, Lloyd’s is again planning to make a return sensing that the Indian economy is on road to recovery faster than its global counterparts – reported The Indian Express.
In an interview to the newspaper, Lord Peter Levene, chairman of Lloyd’s said: “We are preparing to set up our operations in India. We are waiting for the law to change to facilitate our operations in the country.” On withdrawing from India he said, “We were not allowed to operate in India. Our way of doing business is very different from that of other global reinsurers. We were expecting the law to change fast so that we could have commenced our operations at that time.”
At present, Lloyd’s is operating in China and Singapore in the Asian region. If Lloyds commences operations in India, then Indian insurers do not have to visit London market for business with Lloyd’s, and Lloyd’s syndicates can underwrite the business directly in India, reported the newspaper.