Home
/
Central Acts
/
The Insurance Regulatory and Development Authority Act, 1999 Act 41 of 1999
The Insurance Regulatory and Development Authority 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.
Section Title 1
Short title, extent and commencement. Read 2
Definitions. Read 3
Establishment and incorporation of Authority. Read 4
Composition of Authority. Read 5
Tenure of office of Chairperson and other members. Read 6
Removal from office. Read 7
Salary and allowances of Chairperson and members. Read 8
Bar on future employment of members. Read 9
Administrative powers of Chairperson. Read 10
Meetings of Authority. Read 11
Vacancies, etc., not to invalidate proceedings of Authority. Read 12
Officers and employees of Authority. Read 13
Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority. Read 14
Duties, powers and functions of Authority. Read 15
Grants by Central Government. Read 16
Constitution of Fund. Read 17
Accounts and audit. Read 18
Power of Central Government to issued directions. Read 19
Power of Central Government to supersede Authority. Read 20
Furnishing of returns, etc., to Central Government. Read 21
Chairperson, members, officers and other employees of Authority to be public servants. Read 22
Protection of action taken in good faith. Read 23
Delegation of powers. Read 23A
Powers of Authority not to apply to International Financial Services Centre. Read 24
Power to make rules. Read 25
Establishment of Insurance Advisory Committee. Read 26
Power to make regulations. Read 27
Rules and regulations to be laid before Parliament. Read 28
Application of other laws not barred. Read 29
Power to remove difficulties. Read 30
Amendment of Act 4 of 1938. Read 31
Amendment of Act 31 of 1956. Read 32
Amendment of Act 57 of 1972. Read
