Hi I am interested in having the information about some of the clauses of the IRDA regulation Act of 1999?

The information about some of the clauses of the IRDA regulation Act of 1999 is as given below:

To accommodate the foundation of an Authority to ensure the interests of holders of protection strategies, to direct, advance and guarantee precise development of the protection business and for mat ters associated therewith or

accidental thereto and further to amdend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalisation) Act, 1972.

BE it instituted by Parliament in Fiftieth Year of Republic of India as takes after:- CHAPTER I

Preparatory

1. SHORT TITLE, EXTENT AND COMMENCEMENT.- - (1) This Act might be known as the Insurance

Administrative and Development Authority Act, 1999.

(2) It stretches out to the entire of India.

(3) It should come into power on such date as the Central Government may, by notice in the Official

Journal, name:

Given that distinctive dates might be designated for various procurements of this Act and any reference in any such procurement to the initiation of this Act might be translated as a kind of perspective to the coming into power of that procurement.

2. DEFINITIONS.- - (1) In this Act, unless the setting generally requires, -

(a) "delegated day" implies the date on which the Authority is built up under sub - area (1) of segment 3;

(b) "Power" implies the Insurance Regulatory and Development Authority set up under sub - segment (1) of area 3;

(c) "Executive" means the Chairperson of the Authority;

(d) "Asset" implies the Insurance Regulatory and Development Authority Fund constituted under sub-area (1) of area 16;

(e) "Break Insurance Regulatory Authority" implies the Insurance Regulatory Authority set up by the Central Government through Resolution No.17(2)/94-Ins-V, dated the 23rd January, 1996;

(f) "mediator or protection go-between" incorporates protection merchants, reinsurance specialists, protection advisors, surveyors and misfortune assessors;

(g) "part" implies an entire time or low maintenance individual from the Authority and incorporates the Chairperson;

(h) "notice" implies a warning distributed in the Official Gazette;

(i) "recommended" implies endorsed by tenets made under this Act;

(j) "controls" implies the directions made by the Authority.

(2) Words and expressions utilized and not characterized as a part of this Act but rather characterized in the Insurance Act, 1938 (4 of 1938) or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) should have the implications separately relegated to them in those Acts.




Please find the entire Act of 1999 for IRDA attached in the below file:

Attached Files

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999.pdf (141.9 KB, 483 views)