Section 7
Salary and allowances of Chairperson and members.
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 salary and allowances payable
to, and other terms and conditions of service of, the members other than part-time members shall be such
as may be prescribed.
(2) The part-time members shall receive such allowances as may be prescribed.
(3) The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after appointment.
(2) The part-time members shall receive such allowances as may be prescribed.
(3) The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after appointment.