THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999

ACT NO. 41 OF 1999 · Enacted [29th December, 1999.] · 32 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

INSURANCE REGULATORYAND DEVELOPMENT AUTHORITY

Section 3.Establishment and incorporation of Authority.

Section 4.Composition of Authority.

Section 5.Tenure of office of Chairperson and other members.

Section 6.Removal from office.

Section 7.Salary and allowances of Chairperson and members.

Section 8.Bar on future employment of members.

Section 9.Administrative powers of Chairperson.

Section 10.Meetings of Authority.

Section 11.Vacancies, etc., not to invalidate proceedings of Authority.

Section 12.Officers and employees of Authority.

TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY

Section 13.Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.

DUTIES, POWERS AND FUNCTIONS OF AUTHORITY

Section 14.Duties, powers and functions of Authority.

FINANCE, ACCOUNTS AND AUDIT

Section 15.Grants by Central Government.

Section 16.Constitution of Fund.

Section 17.Accounts and audit.

MISCELLANEOUS

Section 18.Power of Central Government to issued directions.

Section 19.Power of Central Government to supersede Authority.

Section 20.Furnishing of returns, etc., to Central Government.

Section 21.Chairperson, members, officers and other employees of Authority to be public servants.

Section 22.Protection of action taken in good faith.

Section 23.Delegation of powers.

Section 24.Power to make rules.

Section 25.Establishment of Insurance Advisory Committee.

Section 26.Power to make regulations.

Section 27.Rules and regulations to be laid before Parliament.

Section 28.Application of other laws not barred.

Section 29.Power to remove difficulties.

Section 30.Amendment of Act 4 of 1938.

Section 31.Amendment of Act 31 of 1956.

Section 32.Amendment of Act 57 of 1972.