Insurance Regulatory and Development Authority Act, 1999
Bare Act · 1999
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 (Nationalisation) Act, 1972.
- Act number
- 41 of 1999
- Enacted
- 29 December 1999
- Contents
- 39 sections · 6 chapters
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Contents
Chapter I — Preliminary
Chapter II — Insurance Regulatory And 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 (preview)
- Section 7 – Salary and allowances of Chairperson and members (preview)
- Section 8 – Bar on future employment of members (preview)
- Section 9 – Administrative powers of Chairperson (preview)
- Section 10 – Meetings of Authority (preview)
- Section 11 – Vacancies, etc., not to invalidate proceedings of Authority (preview)
- Section 12 – Officers and employees of Authority (preview)
Chapter III
- Section 13 – Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority (preview)
Chapter IV — Duties, Powers And Functions Of Authority
- Section 14 – Duties, powers and functions of Authority (preview)
- Section 14A – Power of Authority to collect policy information (preview)
- Section 14B – Power to call for returns containing policy information (preview)
- Section 14C – Procedure for furnishing policyholder and policy related information to insurer or other regulated entities (preview)
- Section 14D – Disclosure of information prohibited (preview)
- Section 14E – Power to authorize (preview)
Chapter V — Finance, Accounts And Audit
- Section 15 – Grants by Central Government (preview)
- Section 16 – Constitution of Fund (preview)
- Section 16A – Constitution of Policyholders’ Education and Protection Fund (preview)
- Section 17 – Accounts and audit (preview)
Chapter VI — Miscellaneous
- Section 18 – Power of Central Government to issued directions (preview)
- Section 19 – Power of Central Government to supersede Authority (preview)
- Section 20 – Furnishing of returns, etc., to Central Government (preview)
- Section 21 – Chairperson, members, officers and other employees of Authority to be public servants (preview)
- Section 22 – Protection of action taken in good faith (preview)
- Section 23 – Delegation of powers (preview)
- Section 23A – Powers of Authority not to apply to International Financial Services Centre (preview)
- Section 24 – Power to make rules (preview)
- Section 25 – Establishment of Insurance Advisory Committee (preview)
- Section 26 – Power to make regulations (preview)
- Section 27 – Rules and regulations to be laid before Parliament (preview)
- Section 28 – Application of other laws not barred (preview)
- Section 29 – Power to remove difficulties (preview)
- Section 30 – Amendment of Act 4 of 1938 (preview)
- Section 31 – Amendment of Act 31 of 1956 (preview)
- Section 32 – Amendment of Act 57 of 1972 (preview)