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The Insurance Regulatory and Development Authority Act, 1999

Central

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.

Act number
41 of 1999
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
29 Dec 1999

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

39 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Establishment and incorporation of Authority.
  4. Section 4Composition of Authority.
  5. Section 5Tenure of office of Chairperson and other members.
  6. Section 6Removal from office.
  7. Section 7Salary and allowances of Chairperson and members.
  8. Section 8Bar on future employment of members.
  9. Section 9Administrative powers of Chairperson.
  10. Section 10Meetings of Authority.
  11. Section 11Vacancies, etc., not to invalidate proceedings of Authority.
  12. Section 12Officers and employees of Authority.
  13. Section 13Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.
  14. Section 14Duties, powers and functions of Authority.
  15. Section 14APower of Authority to collect policy information
  16. Section 14BPower to call for returns containing policy information
  17. Section 14CProcedure for furnishing policyholder and policy related information to insurer or other regulated entities.
  18. Section 14DDisclosure of information prohibited.
  19. Section 14EPower to authorize.
  20. Section 15Grants by Central Government.
  21. Section 16Constitution of Fund.
  22. Section 16AConstitution of Policyholders’ Education and Protection Fund.
  23. Section 17Accounts and audit.
  24. Section 18Power of Central Government to issued directions.
  25. Section 19Power of Central Government to supersede Authority.
  26. Section 20Furnishing of returns, etc., to Central Government.
  27. Section 21Chairperson, members, officers and other employees of Authority to be public servants.
  28. Section 22Protection of action taken in good faith.
  29. Section 23Delegation of powers.
  30. Section 23APowers of Authority not to apply to International Financial Services Centre.
  31. Section 24Power to make rules.
  32. Section 25Establishment of Insurance Advisory Committee.
  33. Section 26Power to make regulations.
  34. Section 27Rules and regulations to be laid before Parliament.
  35. Section 28Application of other laws not barred.
  36. Section 29Power to remove difficulties.
  37. Section 30Amendment of Act 4 of 1938.
  38. Section 31Amendment of Act 31 of 1956.
  39. Section 32Amendment of Act 57 of 1972.