Larva, one a lizard periodically rejected (5)

I believe the answer is:

naiad

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'larva' is the definition.
(I have seen 'Aquatic larva' mean 'naiad' so perhaps 'larva' could also mean 'naiad')

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for naiad that I've seen before include "spirit in water" , "Aquatic larva of a dragonfly" , "Diana (anag.)" , "Classic spirit" , "Fabulous spring being" .)

I've seen this clue in The Times.

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