Irda Act
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 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 further to amdend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalisation) Act, 1972.
BE it enacted by Parliament in Fiftieth Year of Republic of India as follows:-
CHAPTER I
PRELIMINARY
1. SHORT TITLE, EXTENT AND COMMENCEMENT.---(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.
2. DEFINITIONS.--- (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, reinsurance brokers, insurance consultants, surveyors and loss assessors;
(g) "member" means a whole time or a part time member
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 amdend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalisation) Act, 1972.
BE it enacted by Parliament in Fiftieth Year of Republic of India as follows:-
CHAPTER I
PRELIMINARY
1. SHORT TITLE, EXTENT AND COMMENCEMENT.---(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.
2. DEFINITIONS.--- (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, reinsurance brokers, insurance consultants, surveyors and loss assessors;
(g) "member" means a whole time or a part time member