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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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