The INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Browse all 35 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 3.Establishment and incorporation of Authority.
  4. 4.Composition of Authority.
  5. 5.Tenure of office of Chairperson and other members.
  6. 6.Removal from office.
  7. 7.Salary and allowances of Chairperson and members.
  8. 8.Bar on future employment of members.
  9. 9.Administrative powers of Chairperson.
  10. 10.Meetings of Authority.
  11. 11.Vacancies, etc., not to invalidate proceedings of Authority.
  12. 12.Officers and employees of Authority.
  13. 13.Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.
  14. 14.Duties, powers and functions of Authority.
  15. 15.Grants by Central Government.
  16. 16.Constitution of Fund.
  17. 17.Accounts and audit.
  18. 18.Power of Central Government to issued directions.
  19. 19.Power of Central Government to supersede Authority.
  20. 20.Furnishing of returns, etc., to Central Government.
  21. 21.Chairperson, members, officers and other employees of Authority to be public servants.
  22. 22.Protection of action taken in good faith.
  23. 23.Delegation of powers.
  24. 24.Power to make rules.
  25. 25.Establishment of Insurance Advisory Committee.
  26. 26.Power to make regulations.
  27. 27.Rules and regulations to be laid before Parliament.
  28. 28.Application of other laws not barred.
  29. 29.Power to remove difficulties.
  30. 30.Amendment of Act 4 of 1938.
  31. 31.Amendment of Act 31 of 1956.
  32. 32.Amendment of Act 57 of 1972.
  33. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  34. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE
  35. SCH-THE THIRD SCHEDULE.THE THIRD SCHEDULE