Act Number: 41

Act Name: The Insurance Regulatory and Development Authority Act, 1999

Year: 1999

Enactment Date: 1999-12-29

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 3: Establishment and incorporation of Authority.
    (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called the Insurance Regulatory and Development Authority 1[of India]."
     (2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
     (3) The head office of the Authority shall be at such place as the Central Government may decide from time to time.
     (4) The Authority may establish offices at other places in India.
Notes:
1 Ins. by Act 5 of 2015, s. 106 (w.e.f. 26-12-2014).
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