The Insurance Regulatory and Development Authority Act, 1999

Act Number:41
Court:Ministry of Finance
Record Number:199941
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THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999
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ARRANGEMENT OF SECTIONS
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CHAPTER I
PRELIMINARY
SECTIONS
1. Short title, extent and commencement.
2. Definitions.
CHAPTER II
INSURANCE REGULATORYAND 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.
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CHAPTER VI
MISCELLANEOUS
SECTIONS
18. Power of Central Government to issued 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.
THE FIRST SCHEDULE.
THE SECOND SCHEDULE.
THE THIRD SCHEDULE.

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