Section 26
Power to make regulations.
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 Authority may, in consultation with the Insurance
Advisory Committee, by notification, make regulations consistent with this Act and the rules made
thereunder to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section (1) of section 10;
(b) the transaction of business at its meetings under sub-section (4) of section 10;
(c) the terms and other conditions of service of officers and other employees of the Authority under sub-section (2) of section 12;
(d) the powers and functions which may be delegated to committees of the members under sub-section (2) of section 23; and
(e) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section (1) of section 10;
(b) the transaction of business at its meetings under sub-section (4) of section 10;
(c) the terms and other conditions of service of officers and other employees of the Authority under sub-section (2) of section 12;
(d) the powers and functions which may be delegated to committees of the members under sub-section (2) of section 23; and
(e) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations.