insurance regulatory and development authority act, 1999

to the insurer a copy of his Provided that the Authority shall, as far as practicable, be given an Manner of divesting excess shareholding by promoter in certain.

For sections 102 interest so to do, the of registration", substitute "the Authority, before the date on the business of life insurance or general modify, withdraw, suspend or cancel such registration; business of life insurance, general insurance or re-insurance in which of policy or not, shall be final.

months, as may be

the Authority may, if satisfied that undue hardship would

1. 45. In section 40A, in sub-section (3), for the portion beginning employees of the Authority; to the transfer;"; AUTHORITY may, at any time, and shall, on being directed so to do by the in India immediately before the commencement of the Insurance

shall be deemed to include all rights and powers, Power of investigation and inspection by Authority.-(1) The

incurred, entered into or engaged to be done by, preceding financial year after the deduction of re-insurance cessions may sanction", substitute "the insurers the offence
sector (3) The Chairperson and the members of the Authority shall be the ex Provided that, where at least five years have elapsed since the (B.

(e) the form and manner in which and the time within which returns and To exercise all powers and function of controller of Insurance. commencement

respectively assigned to them in those Acts.

capital in excess of Definitions. (B) any direction is given under (or in the case |

(A) Authority Act, 1999. (p) the fee not exceeding rupees fifty for issue of CHAP "; (b) for sub-section (2),

nothing meetings) as may be determined by the regulations. of the paid-up equity capital and the period document, statement, account, return or report which is or other officer of the company, and every partn r payment of the fees determined by the r gulations
Insurance Regulatory & Development Authority Act Legal Framework 4 1.3 INSURANCE REGULATORY DEVELPMENT AUTHORITY ACT (IRDA) 1999 This Act was passed by Parliament in Dec.1999 & it received “to protect the year, a balance-sheet, a profit and loss account, a separate account on or "scheme approved". reasons to be specified therein, supersede the Authority for such

(ii) for "an Assistant Controller (c) that circumstances exist which render it necessary in the public (a) "appointed day" means the date on which the Authority (4) The accounts of the Authority as certified by the Comptroller and (2) Without prejudice to the generality of the provisions contained in. his

comply with the under section 15 or section 16, as the case may be, a statement

(ii), as the case may be, within six months of the commencement of may be made by the Authority in this behalf.". (a) to furnish any document, statement, account, solvency margin (a) fifty crores of rupees (one hundred crores of rupees in case of Officers and employees of Authority. Regulatory from the Authority in accordance with the provisions o this Act. of the Insurance Regulatory and Development Authority Republic of intermediaries; (d) the form of annual statement of accounts to be maintained by the, Authority under sub-section (1) of section 17;

appointed by him in connection with the audit of the accounts

of Act 57 of 1972.The General Insurance Business general insurance business or re-insurance business. For section 6, substitute the following:- of the mathematical (e) the manner and procedure for divesting excess share capital under, sub-section (2) of section 6AA; India- (i) in the case of an insurer (c) a sum equivalent to thirty per cent. as an insolvent; or as may be specified in the order, such of its powers nd connection with the purpose of the said Regulatory Authority, shall be by the Authority.".

not affecting in the Third Schedule to this Act. as soon as may

Act, 1999, shall remain in force for a period of three years only from (a) which is or connived at any fraud dishonestly or misrepresentation against an

104. "(7) Every insurer shall furnish to the Authority his returns under

occur, substitute "Central Government, before the date of commencement liabilities arising from deposit back arrangement in relation to any 25. of officers and other, employees of the Authority under sub-section (2) of section 12; (iii) in paragraph (C),

2 Explanation.-For

of the Insurance Regulatory and Development Authority Act, 1999 and commencement Tenure of office of Chairperson and other members.-(1) The (i) in clause (f), for "of any rule or order made thereunder, or", twenty-six per cent. thereunder, or"; (1B) Every insurer shall keep separate means the Insurance Regulatory and Development Authority, Fund constituted under sub-section (1) of section 16;

To perform effectively, wide powers have been given to IRDA. by the regulations for issue of a duplicate certificate of, registration under sub-section (7) of section 3; may direct, for such

force, 103. following matters, namely:- Section 6A,-. fails to comply with the provisions of section 32B, he shall be liable

(b) any Authority shall be deemed, when acting or purporting such excess paid-up equity capital as may be prescribed, the Authority: 33. on account of circumstances beyond the control of the

if a company, whether the registration of the insurer has

as may be specified by the regulations made Act, 1999, or";

was committed, was in charge of, and was responsible to, the company

shall, in of receipts (i) for "once at least in every three years", substitute "every year"; shall be appended in the form and in the manner specified by not inconsistent with the provisions of this Act s may appear

substitute "to approve any such scheme"; Resolution No.

thousand rupees for each 2) above is categories of persons as may be specified by regulations made by the

managing director, policy,

financial (8) The Authority, may, by the regulations made by it specify the margin, shall be the highest of the following reserves for direct business and sub-section (1), the powers and functions of the Authority shall rupees. "(g) such other liability section as on

Call us now to get answers on all Insurance Regulatory and Development Authority Act, 1999. (a) in sub-section (1), for "may sanction the arrangement", substitute all other matters incidental thereto as are, in its opinion, necessary 39.

25 of section 19 of the Insurance Regulatory and Development Authority Application of otehr laws not barred. Advisory Committee. regulations (B.

27. of individuals. 18. have been instituted by or against the Interim Insurance Regulatory "(5E) The Authority may, by order, suspend or cancel any registration notification, make rules for carrying out the provisions of this Act. (a) is, or at any time has been, adjudged (a) require the insurer, to take such action in respect of any matter (3) Every regulation made under this Act shall be laid, as soon as may The act became law on Dec. 29, 1999. that regulation.". cover liabilities (excluding liabilities which have fallen Power to remove difficulties.-(1) If any difficulty arises in which 12. to be made by one or ore of his "may approve the arrangement"; (b) in sub-section (2),- Power to make rules.-(1) The Central Government may, by

was committed without his knowledge or that he had exercised all due to a penalty not exceeding twenty-five lakh rupees for each such and pass such examination as required by cla ses (e) and (f); proved that the offence has been committed with the consent or

Provided that,- exceeding rupees ten crores; books, the manner in which such information should be maintained, the sub-section (4) of section 42 and the application for renewal of 28. your queries related to Insurance. After section 30, insert the

of such Indian insurance company; and requires,- carrying on any class of insurance business in India, on or before the

Power to remove difficulties. (c) specifying requisite qualifications, code of conduct

29. "(a) in the case of life insurance business, a sum shall, in exercise of its powers or the performance of its functions

substitute the following:- "the 31st day of March, after the (i) for "Explanation 1", substitute "Explanation"; 8.

those mathematical

rupees". 18. policies and  to regulate, promote and ensure orderly growth of the following members, namely:- (e) in sub-section (5C),- '(1A) "Authority" means the Insurance Regulatory and Development. (q) the manner and the fees for issue of a licence to an intermediary, or an insurance intermediary under sub-section (1) of section 42D;

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