Insurance Regulatory and Development Authority Act, 1999

The Insurance Regulatory and Development Authority Act, 1999

बीमा विनियामक और विकास प्राधिकरण अधिनियम, 1999

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	199941
Act Number:	41
Enactment Date:	1999-12-29
Act Year:	1999
Short Title:	The Insurance Regulatory and Development Authority Act, 1999
Hindi Title:	बीमा विनियामक और विकास प्राधिकरण अधिनियम, 1999
Long Title:	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.
Ministry:	Ministry of Finance
Department:	Department of Financial Services
Enforcement Date:	19-04-2000
Notification:	19th April, 2000, vide notification No. S.O. 397(E), dated 19th April, 2000, see Gazette of India, Extraordinary, Part II, sec. 3(ii).


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE Order Appendix Forms

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Show all section The Insurance Regulatory and Development Authority Act, 1999

CHAPTER I

PRELIMINARY

CHAPTER II

INSURANCE REGULATORYAND DEVELOPMENT AUTHORITY

CHAPTER III

TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY

CHAPTER IV

DUTIES, POWERS AND FUNCTIONS OF AUTHORITY

CHAPTER V

FINANCE, ACCOUNTS AND AUDIT

CHAPTER VI

MISCELLANEOUS


Section 1. Short title, extent and commencement.
Section 2. Definitions.
Section 3. Establishment and incorporation of Authority.
Section 4. Composition of Authority.
Section 5. Tenure of office of Chairperson and other members.
Section 6. Removal from office.
Section 7. Salary and allowances of Chairperson and members.
Section 8. Bar on future employment of members.
Section 9. Administrative powers of Chairperson.
Section 10. Meetings of Authority.
Section 11. Vacancies, etc., not to invalidate proceedings of Authority.
Section 12. Officers and employees of Authority.
Section 13. Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority.
Section 14. Duties, powers and functions of Authority.
Section 15. Grants by Central Government.
Section 16. Constitution of Fund.
Section 17. Accounts and audit.
Section 18. Power of Central Government to issued directions.
Section 19. Power of Central Government to supersede Authority.
Section 20. Furnishing of returns, etc., to Central Government.
Section 21. Chairperson, members, officers and other employees of Authority to be public servants.
Section 22. Protection of action taken in good faith.
Section 23. Delegation of powers.
Section 23A. Powers of Authority not to apply to International Financial Services Centre.
Section 24. Power to make rules. Show Related Subordinates
Section 25. Establishment of Insurance Advisory Committee.
Section 26. Power to make regulations. Show Related Subordinates
Section 27. Rules and regulations to be laid before Parliament.
Section 28. Application of other laws not barred.
Section 29. Power to remove difficulties.
Section 30. Amendment of Act 4 of 1938.
Section 31. Amendment of Act 31 of 1956.
Section 32. Amendment of Act 57 of 1972.


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE Order Appendix Forms

Year	Description	Hindi Description	Files(Eng)	Files(Hindi)
25-10-2000	IRDA (salary and allowances payable to and other terms and conditions of service of chairperson and other members) Rules, 2000
01-12-2008	IRDA (salary and allowances payable to and other terms and conditions of service of chairperson and othewr members) Amendment Rules, 2008
19-04-2012	IRDA Salary and Allowances payable to and other Terms and Conditions of Services of Chairperson and other Members Amendment Rules, 2012
27-03-2015	IRDA (regulation and insurance business in SEZ)
25-04-2017	Insurance Ombudsman Rules, 2017
30-07-2020	The Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015
18-05-2021	The Insurance Ombudsman Rules, 2017

Schedule 1. THE FIRST SCHEDULE

Schedule 2. THE SECOND SCHEDULE.

Schedule 3. THE THIRD SCHEDULE