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Report No. 190 8. Proposals for revision 8.1 Merger of the provisions of IRDA Act into the Insurance Act 8.1.2 The Authority by and large exercises all those powers which hitherto used to be exercised by the Controller under the principal Act, e. g., grant, suspension and cancellation of certificate of registration. It is to be noted that the principal Act does not provide for establishment of Authority but provides under section 2 B only for supersession of the Authority referring to the provisions of IRDA in this respect. To avoid duplication in this regard, the provision of section 2 B (1) of the principal Act may be omitted though retaining provisions of sub s. (2). In this backdrop, the best course would be to merge the provisions relating to IRDA as provided in IRDA Act, into the principal Act. 8.1.3 For this purpose, the definitions enumerated in section 2 may be merged in the definition part of the Principal Act. Chapter II of the Act of 1999 dealing with the establishment and other incidental matters regarding Authority (SS. 3-12); Chapter IV dealing with the duties, powers and functions of the Authority (S.14); Chapter V dealing with the grants by Central Government, IRDA fund and Accounts and Audit (Ss. 15-17); Chapter VI dealing with powers of the Central Government (Ss. 18-23 and 25) may be placed together and merged in the Principal Act before part II of the Principal Act under the proposed part "Part IA" to be entitled as 'Insurance Regulatory and Development Authority'. section 24 providing the Central government the power to make rules, section 26 providing the Authority power to make regulations and Section 27 providing for laying of rules and regulations before the Houses of Parliament may be merged respectively in sections 114 and 114 A of the principal Act providing for the same. Again Section 28 may be shifted to the principal Act after section 114A. 8.1.4 The proposed merger would not only help facilitate the insurers and the insured, agents and surveyors, actuaries and auditors, lawyers and litigants in understanding the role of IRDA but locating all the provisions at one place. 8.1.5 For ready reference, a table showing the scheme for merger of the provisions of the IRDA Act with the Insurance Act is set out hereunder: (already appended to main Report as Appendix-IV and therefore not repeated here)    |
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