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 12: Officers and employees of Authority.
    (1) The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its functions under this Act.
     (2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be governed by the regulations made under this Act.
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