The Insurance Regulatory and Development Authority Act, 1999

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999

The Insurance Regulatory and Development Authority Act, 1999, is an Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, regulate, promote, and ensure orderly growth of the insurance industry, and for matters connected therewith or incidental thereto.

PREAMBLE
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.

CHAPTER I PRELIMINARY

1. Short title, extent and commencement.


2. Definitions.

CHAPTER II INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

1. Establishment and incorporation of Authority.


2. Composition of Authority.


3. Tenure of office of Chairperson and other members.


4. Removal from office.


5. Salary and allowances of Chairperson and members.


6. Bar on future employment of members.

CHAPTER III TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY

1. Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.

CHAPTER IV DUTIES, POWERS AND FUNCTIONS OF AUTHORITY

1. Duties, powers and functions of Authority.

CHAPTER V FINANCE, ACCOUNTS AND AUDIT

1. Grants by Central Government.


2. Constitution of Fund.


3. Accounts and audit.

CHAPTER VI MISCELLANEOUS

1. Power of Central Government to issue directions.


2. Power of Central Government to supersede Authority.


3. Furnishing of returns, etc., to Central Government.


4. Chairperson, members, officers and other employees of Authority to be public servants.


5. Protection of action taken in good faith.


6. Delegation of powers.
   23A. Powers of Authority not to apply to International Financial Services Centre.


7. Power to make rules.

CHAPTER VII ESTABLISHMENT OF INSURANCE ADVISORY COMMITTEE

1. Establishment of Insurance Advisory Committee.


2. Power to make regulations.

CHAPTER VIII RULES AND REGULATIONS TO BE LAYED BEFORE PARLIAMENT

1. Rules and regulations to be laid before Parliament.

THE FIRST SCHEDULE, THE SECOND SCHEDULE, AND THE THIRD SCHEDULE.