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| Home > Indian Bare Acts > THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 > CHAPTER II INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY |
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| THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 |
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Title : THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999
Year : 1999
Act :
CHAPTER II
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
3.Establishment and incorporation of Authority.
3. Establishment and incorporation of Authority.-(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called "the Insurance Regulatory and Development Authority".
(2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
(3) The head office of the Authority shall be at such place as the
Central Government may decide from time to time.
(4) The Authority may establish offices at other places in India.
4.Composition of Authority.
4. Composition of Authority.-The Authority shall consist of the following members, namely:-
(a) a Chairperson;
(b) not more than five whole-time members;
(c) not more than four part-time members,
to be appointed by the Central Government from amongst persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any othe discipline which would, in the opinion of the Central Government, be useful to the Authority:
Provided that the Central Government shall, while appointing the
Chairperson and the whole-time members, ensure that at least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, respec ively.
5.Tenure of office of Chairperson and other members.
5. Tenure of office of Chairperson and other members.-(1) The
Chairperson and every other whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:
Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.
(2) A part-time member shall hold office for a term not exceeding five years from the date on which he enters upon his office.
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may-
(a) relinquish his office by giving in writing to the Central
Government notice of not less than three months; or
(b) be removed from his office in accordance with the provisions of section 6.6.Removal from office.
6. Removal from office.-(1) The Central Government may remove from office any member who-
(a) is, or at any time has been, adjudged as an insolvent; or
(b) has become physically or mentally incapable of acting as a member;
or
(c) has been convicted of any offence which, in the opinion of the
Central Government, involves moral turpitude; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or
(e) has so abused his position as to render his continuation in office detrimental to the public interest.
(2) No such member shall be removed under clause (d) or clause (e) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter.
7.Salary and alowances of Chairperson and members.
7. Salary and allowances of Chairperson and members.-(1) The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed.
(2) The part-time members shall receive such allowances as may be prescribed.
(3) The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after appointment.
8.Bar on future employment of members.
8. Bar on future employment of members.-The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept-
(a) any employment either under the Central Government or under any
State Government; or
(b) any appointment in any company in the insurance sector.
9.Administrative powers of Chairperson.
9. Administrative powers of Chairperson.-The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority.
10.Meetings of Authority.
10. Meetings of Authority.-(1) The Authority shall meet at such time and places and shall observe such rules and procedures in regard to transaction of business at its meetings (including quorum at such meetings) as may be determined by the regulations.
(2) The Chairperson, or if for any reason he is unable to attend a meeting of the Authority, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting.
(3) All questions which come up before any meeting of the Authority shall be decided by a majority of votes by the members present and voting, and in the event of an equality of votes, the Chairperson, or in his absence, the person presiding shall ave a second or casting vote.
(4) The Authority may make regulations for the transaction of business at its meetings.
11.Vacancies, etc., not to invlaidate proceedingsof Authority.
11. Vacancies, etc., not to invalidate proceedings of Authority.-No act or proceeding of the Authority shall be invalid merely by reason of-
(a) any vacancy in, or any defect in the constitution of, the
Authority; or
(b) any defect in the appointment of a person acting as a member of the Authority; or
(c) any irregularity in the procedure of the Authority not affecting the merits of the case.
12.Officers and employees of Authority.
12. Officers and employees of Authority.-(1) The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its functions under this Act.
(2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be governed by the regulations made under this Act.
CHAP
TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORYAUTHORITY
Last updated on February, 2008
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