Hi I would like to have the details of the Insurance Regulatory and Development Authority of India Act, 1999?

Insurance Regulatory and Development Authority of India (IRDAI) is a self-governing peak statutory body which controls and builds up the protection business in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and appropriately went by the Government of India.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA ACT, 1999

An Act

To accommodate the foundation of an Authority to secure the interests of holders of protection arrangements, to control, advance and guarantee precise development of the protection business and for matters associated therewith or coincidental thereto and further to correct the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalisation) Act, 1972.

BE it established by Parliament in Fiftieth Year of Republic of India as takes after:-

Part I

Preparatory

1. SHORT TITLE, EXTENT AND COMMENCEMENT.- - (1) This Act might be known as the Insurance Regulatory and Development Authority of India 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 warning in the Official Gazette, choose:

Given that distinctive dates might be delegated for various procurements of this Act and any reference in any such procurement to the initiation of this Act should be understood 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 set up under sub-segment (1) of segment 3;

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

(c) "Director" implies the Chairperson of the Authority;

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

(e) "Interval 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 middle person" incorporates protection representatives, reinsurance intermediaries, protection specialists, 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 notice distributed in the Official Gazette;

(i) "recommended" implies endorsed by guidelines 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 individually appointed to them in those Acts.

Please find the entire details of the IRDA Act, 1999 attached below

Attached Files

the IRDA Act, 1999.doc (171.5 KB, 95 views)