Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
(1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999. (2) It extends to the whole of India. (3) It shall come into force on ...
2 Definitions
(1) In this Act, unless the context otherwise requires,- (a) "appointed day" means the date on which the Authority is established under sub-section (1) of sect...
Chapter II Insurance Regulatory And Development Authority
3 Establishment and incorporation of Authority
(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority...
4 Composition of Authority
The Authority shall consist of the following members, namely:- (a) a Chairperson; (b) not more than five whole-time members; (c) not more than four part-time me...
5 Tenure of office of Chairperson and other members
(1) The Chairperson and every other whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be...
6 Removal from office
(1) The Central Government may remove from office any member who- (a) is, or at any time has been, adjudged as an insolvent; or (b) has become physically or m...
7 Salary and allowances of Chairperson and members
(1) The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be presc...
8 Bar on future employment of members
The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the prev...
9 Administrative powers of Chairperson
The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority. ...
10 Meetings of Authority
(1) The Authority shall meet at such times and places and shall observe such rules and procedures in regard to transaction of business at its meetings (includ...
11 Vacancies, etc., not to invalidate proceedings of Authority
No act or proceeding of the Authority shall be invalid merely by reason of- (a) any vacancy in, or any defect in the constitution of, the Authority; or (b) an...
12 Officers and employees of Authority
(1) The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its functions under this Act. (2) The...
Chapter III Transfer Of Assets, Liabilities, Etc., Of Interim Insurance Regulatory Authority
13 Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority
On the appointed day,- (a) all the assets and liabilities of the Interim Insurance Regulatory Authority shall stand transferred to, and vested in, the Authorit...
Chapter IV Duties, Powers And Functions Of Authority
14 Duties, powers and functions of Authority
(1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure ord...
Chapter V Finance, Accounts And Audit
15 Grants by Central Government
The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as the Govern...
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 Gove...
17 Accounts and audit
(1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by t...
Chapter VI Miscellaneous
18 Power of Central Government to issue directions
(1) Without prejudice to the foregoing provisions of this Act, the Authority shall, in exercise of its powers or the performance of its functions under this A...
19 Power of Central Government to supersede Authority
(1) If at any time the Central Government is of the opinion- (a) that, on account of circumstances beyond the control of the Authority, it is unable to dischar...
20 Furnishing of returns, etc., to Central Government
(1) The Authority shall furnish to the Central Government at such time and in such form and manner as may be prescribed, or as the Central Government may dire...
21 Chairperson, members, officers and other employees of Authority to be public servants
The Chairperson, members, officers and other employees of the Authority shall be deemed, when acting or purporting to act in pursuance of any of the provision...
22 Protection of action taken in good faith
No suit, prosecution or other legal proceedings shall lie against the Central Government or any officer of the Central Government or any member, officer or ot...
23 Delegation of powers
(1) The authority may, by general or special order in writing, delegate to the Chairperson or any other member or officer or the Authority subject to such con...
24 Power to make rules
(1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the genera...
25 Establishment of Insurance Advisory Committee
(1) The Authority may, by notification, establish with effect from such date as it may specify in such notification, a Committee to be known as the Insurance ...
26 Power to make regulations
(1) The Authority may, in consultation with the Insurance Advisory Committee, by notification, make regulations consistent with this Act and the rules made th...
27 Rules and regulations to be laid before Parliament
Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session...
28 Application of other laws not barred
The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force. ...
29 Power to remove difficulties
(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such...
30 Amendment of Act 4 of 1938
The Insurance Act, 1938 shall be amended in the manner specified in the First Schedule to this Act. ...
31 Amendment of Act 31 of 1956
The Life Insurance Corporation Act, 1956 shall be amended in the manner specified in the Second Schedule to this Act. ...
32 Amendment of Act 57 of 1972
The General Insurance Business (Nationalization) Act, 1972 shall be amended in the manner specified in the Third Schedule to this Act. ...
Schedule
Schedule I Amendments To The Insurance Act, 1938 (4 Of 1938)
In the Act, except in clause (5B) of section 2 and section 2B, for "Controller" wherever it occurs, substitute "Authority" and such consequential changes as...
Schedule II Amendments To The Life Insurance Corporation Act, 1956 (31 Of 1956)
1. In the Act, for "Controller" wherever it occurs, substitute "authority". 2. After section 30, insert the following:- "30A. Exclusive privilege of Corporati...
Schedule III Amendment To The General Insurance Business (Nationalization) Act, 1972 (57 Of 1972)
After section 24, insert the following:- "24A. Exclusive privilege of Corporation and acquiring companies to cease Notwithstanding anything contained in this ...
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