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Insurance Regulatory and Development Authority Act, 1999

[Act no. 41 of 1999 dated 29th. December, 1999]

Contents

Sections

Particulars

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II 

Insurance Regulatory And Development Authority

3

Establishment and incorporation of Authority

4

Composition of Authority

5

Tenure of office of Chairperson and other members

6

Removal from office

7

Salary and allowances of Chairperson and members

8

Bar on future employment of members

9

Administrative powers of Chairperson

10

Meetings of Authority

11

Vacancies, etc., not to invalidate proceedings of Authority

12

Officers and employees of Authority

Chapter III 

Transfer Of Assets, Liabilities, Etc., Of Interim Insurance Regulatory Authority

13

Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority

Chapter IV 

Duties, Powers And Functions Of Authority

14

Duties, powers and functions of Authority

Chapter V 

Finance, Accounts And Audit

15

Grants by Central Government

16

Constitution of Fund

17

Accounts and audit

Chapter VI 

Miscellaneous

18

Power of Central Government to issue directions

19

Power of Central Government to supersede Authority

20

Furnishing of returns, etc., to Central Government

21

Chairperson, members, officers and other employees of Authority to be public servants

22

Protection of action taken in good faith

23

Delegation of powers

24

Power to make rules

25

Establishment of Insurance Advisory Committee

26

Power to make regulations

27

Rules and regulations to be laid before Parliament

28

Application of other laws not barred

29

Power to remove difficulties

30

Amendment of Act 4 of 1938

31

Amendment of Act 31 of 1956

32

Amendment of Act 57 of 1972

Schedule

Schedule I

Amendments To The Insurance Act, 1938 (4 Of 1938)

Schedule II

Amendments To The Life Insurance Corporation Act, 1956 (31 Of 1956)

Schedule III

Amendment To The General Insurance Business (Nationalization) Act, 1972 (57 Of 1972)

An Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalization) Act, 1972

Comment: This Act has been enacted inter-alia  to provide for the establishment of an Authority to protect the interests of holders of insurance policies and  to regulate, promote and ensure orderly growth of the insurance industry.

Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: -



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