Section 16
Constitution of Fund.
The Insurance Regulatory and Development Authority Act, 1999
About this Act
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.
(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 Government grants, fees and charges received by the Authority;
(b) all sums received by the Authority from such other source as may be decided upon by the Central Government;
1* * * * *
(2) The Fund shall be applied for meeting--
(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;
(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.
(a) all Government grants, fees and charges received by the Authority;
(b) all sums received by the Authority from such other source as may be decided upon by the Central Government;
1* * * * *
(2) The Fund shall be applied for meeting--
(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;
(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.
Notes
1. Clause (c) omitted by Act 5 of 2015, s. 107 (w.e.f26-12-2014).