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:-
