The Insurance Regulatory and Development Authority Act, 1999
The Insurance Regulatory and Development Authority Act, 1999 is a significant legislation in India that regulates and promotes the insurance industry.
Summary
The Insurance Regulatory and Development Authority Act, 1999 is an Act of the Indian Parliament that establishes the Insurance Regulatory and Development Authority (IRDAI) as the regulatory body for the insurance sector in India. The act aims to protect the interests of policyholders, promote the development of the insurance industry, and regulate the functioning of insurers. It outlines the powers and functions of the IRDAI, including registration of insurers, regulation of premium rates, approval of insurance products, and oversight of the insurance market. The act also provides for the establishment of the Insurance Advisory Committee to advise the IRDAI and promote the growth of the insurance industry.
Table of Contents
| # | Section | Link |
|---|---|---|
| 1 | Section 1: Short Title, Extent And Commencement | Open |
| 2 | Section 2: Definitions | Open |
| 3 | Section 3: Establishment And Incorporation Of Authority | Open |
| 4 | Section 4: Composition Of Authority | Open |
| 5 | Section 5: Tenure Of Office Of Chairperson And Other Members | Open |
| 6 | Section 6: Removal From Office | Open |
| 7 | Section 7: Salary And Allowances Of Chairperson And Members | Open |
| 8 | Section 8: Bar On Future Employment Of Members | Open |
| 9 | Section 9: Administrative Powers Of Chairperson | Open |
| 10 | Section 10: Meetings Of Authority | Open |
| 11 | Section 11: Vacancies, Etc, Not To Invalidate Proceedings Of Authority | Open |
| 12 | Section 12: Officers And Employees Of Authority | Open |
| 13 | Section 13: Transfer Of Assets, Liabilities, Etc, Of Interim Insurance Regulatory Authority | Open |
| 14 | Section 14: Duties, Powers And Functions Of Authority | Open |
| 15 | Section 15: Grants By Central Government | Open |