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 23A: Powers of Authority not to apply to International Financial Services Centre.
    1[23A. Powers of Authority not to apply to International Financial Services Centre.-- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Authority under this Act,
         (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
         (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
     in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]
Notes:
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).
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