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THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999

Title : THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999

Year : 1999

ACT.NO. 41 OF 1999.
[29th December, 1999]

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 farther to amend the insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalization) Act, 1972.

BE it enacted by Parliament in the Fiftieth Year of the Republic of India as follows:-


CHAPTER I
PRELIMINARY



(1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.



(1) In this Act, unless the context otherwise requires,-

(a) "Appointed day" means the date on which the Authority is established under sub-section (1) of section 3;

(b) "Authority" means the Insurance Regulatory and Development
Authority established under sub-section (1) of section 3;

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

(d) "Fund" means the Insurance Regulatory and Development Authority Fund constituted under sub-section (1) of section 16;

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

(f) "Intermediary or insurance intermediary" includes insurance brokers, re-insurance brokers, insurance consultants, surveyors and loss assessors;

(g) "Member" means a whole-time or a part-time member of the Authority and includes the Chairperson;

(h) "Notification" means a notification published in the Official Gazette;

(i) "Prescribed" means prescribed by rules made under this Act;

(j) "Regulations" means the regulations made by the Authority.

(2) Words and expressions used and not defined in this Act but defined in the Insurance Act, 1938 (4 of 1938) or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business respectively assigned to them in those Acts.

Last updated on September, 2016

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