Section 24
Power to make rules.
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) The Central Government may, by notification, make rules for
carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) the salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members under sub-section (1) of section 7;
(b) the allowances to be paid to the part-time members under sub-section (2) of section 7;
(c) such other powers that may be exercised by the Authority under clause (q) of sub-section (2) of section 14;
(d) the form of annual statement of accounts to be maintained by the Authority under sub-section (1) of section 17;
(e) the form and manner in which and the time within which returns and statements and particulars are to be furnished to the Central Government under sub-section (1) of section 20;
(f) the matters under sub-section (5) of section 25 on which the Insurance Advisory Committee shall advise the Authority;
(g) any other matter which is required to be, or may be, prescribed, or in respect of which provision is to be or may be made by rules.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) the salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members under sub-section (1) of section 7;
(b) the allowances to be paid to the part-time members under sub-section (2) of section 7;
(c) such other powers that may be exercised by the Authority under clause (q) of sub-section (2) of section 14;
(d) the form of annual statement of accounts to be maintained by the Authority under sub-section (1) of section 17;
(e) the form and manner in which and the time within which returns and statements and particulars are to be furnished to the Central Government under sub-section (1) of section 20;
(f) the matters under sub-section (5) of section 25 on which the Insurance Advisory Committee shall advise the Authority;
(g) any other matter which is required to be, or may be, prescribed, or in respect of which provision is to be or may be made by rules.