Access a comprehensive collection of Indian acts and their subordinates, designed for legal professionals, researchers, and students. Section Details

41/1999 - The Insurance Regulatory and Development Authority Act, 1999 ▶

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 7: Salary and allowances of Chairperson and members.

    (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.

Previous Section Next Section