Section 16 of IRDAI Act : Section 16: Constitution Of Fund

IRDAI Act

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Explanation using Example

Imagine a scenario where the Insurance Regulatory and Development Authority (IRDA), which is the regulatory body for the insurance sector in India, collects various fees from insurance companies for different regulatory filings and services. For instance, an insurance company pays a fee to the IRDA for the renewal of its operating license. According to Section 16(1)(a) of the IRDA Act, 1999, this fee would be credited to the "Insurance Regulatory and Development Authority Fund".

Additionally, ...

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