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 6: Removal from office.
    (1) The Central Government may remove from office any member who--
         (a) is, or at any time has been, adjudged as an insolvent; or
         (b) has become physically or mentally incapable of acting as a member; or
         (c) has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or
         (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or
         (e) has so abused his position as to render his continuation in office detrimental to the public interest.
     (2) No such member shall be removed under clause (d) or clause (e) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter.
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