Insurance Regulatory and Development Authority Act, 1999
16. Constitution of Fund
(1) There shall be constituted a fund to be called "the Insurance Regulatory and Development Authority Fund" and there shall be credited thereto-
(a) all Government grants, fees and charges received by the Authority;
(b) all sums received by the Authority from such other source as may be decided upon by the Central Government;
(c) the percentage of prescribed premium income received from the insurer.
(2) The fund shall be applied for meeting-
(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;
(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.