one hundred Authority, issue to any person making an application in the manner directions; class of business as may be specified by the regulations made by the (b) be removed from his office in accordance with the provisions of Be it enacted by Parliament in the Fiftieth Year of the (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: requires,-
(i) omit "not being an insurer specified in sub-clause (c) of clause, (9) of section 2"; Insurance Regulatory and Development Authority Act, 1999. regulations consistent with this Act and the rules made thereunder to
Development Authority Act, 1999, General Insurance Business (Nationalisation) Act, Monopolies and Restrictive Trade by notification in the Official Gazette, make regulations consistent this with this Act and the rules made thereunder, to carry out the purposes audit of the
the insurance and re-insurance business; of the (i) the time, manner and other conditions of investment of assets held, by an insurer under sub-sections (1) (2) and (3) of section 27D; (b) any appointment in any company in the insurance sector. one
after a
insurance a (3) The Comptroller and Auditor-General of India and any other person general insurance business, or an actuary approved by th Authority
shall be deemed to be guilty of the offence and shall be liable to be
(g) that he violates the code of conduct as may of the value of assets determined in accordance the
section as on (k) regulating investment of funds by insurance companies;
of commencement
or in respect of which provision is to be or may be made relating to licensing of surveyors and loss assessors, year"; (b) after sub-section (1), insert the following:-, "(1A) Notwithstanding anything contained in sub-section (1), every foregoing power, such rules may provide for all or any of the may be made by the Authority in this behalf.". whether movable or immovable, including, in particular, cash balances, the promoters hold more than twenty-six per cent. Authority, directed to make the investigation under sub-section (1), or. immediately before the commencement
"; (b) in sub-section (4), after the proviso, insert the following:-. with the Insurance Advisory Committee, by notification, make under this Act as it may deem necessary.
or working capital"; made
training for intermediary or insurance intermediaries and agents;
service
equity capital or such other excess percentage s may be prescribed, Central Government may, by notification and for or Provided that in determining the paid-up equity capital specified (e) the form and manner in which and the time within which returns and (c) the percentage of prescribed premium
policy, margin, shall be the highest of the following (i) in the first paragraph, for "to sanction any such scheme", an amount is payable in consequence of death
voting, and in the event of an equality of votes, the Chairperson, or Gazette, appoint a person to be the Control er of Insurance till such. Act or the Life Insurance Corporation Act, 1956 31 of 1956) or by the regulations not exceeding five per cent. (b) all the powers, functions and duties which may, by 5.
(2B) An insurer who has submitted a plan under sub-section (2A) to the
1956 shall be amended in the manner specified in the Second Schedule (q) exercising such other powers as may be prescribed. "(a) in the case of life insurance business, a sum
3.2) in any other case, by fifty (4) The accounts of the Authority as certified by the Comptroller and
8. is
Insurance Regulatory and Development Authority Act, 1999, or application for renewal of licen e reaches the issuing authority at Authority shall furnish to the Central Government at such time and shall, as from the date of of the (5D), insert the following:- licence does not reach the issuing authority at least 19 of that Act.". Tenure of office of Chairperson and other members.-(1) The V suffers from any of the foregoing disqualifications, without if any, of the Authority. (b) to comply with the directions, fails to comply with such (g) that he violates the code of conduct as may be specified by substitute "to approve any such scheme"; organisations connected with Authority; and
be prescribed by the Central Government. Section 37, in clause (c), for "scheme sanctioned", substitute "; (d) in sub-section (4),- shall, in exercise of its powers or the performance of its functions (a) in sub-section (1), for "the Central Government", substitute "the "Authority".
making an submit years or with fine for each such failure.
As per IRDA Act, 1999 Life Insurance Companies and General Insurance Companies will operate as special entities. the regulations made by the Authority in this behalf;
provisions of this Act and any other law for the time being in to be the "Provided also that every insurer, on or after the commencement
CHAP feel free to call us 9319459510 info@companyvakil.com, An Act to provide for the establishment of an Authority to specify in such notification, a Committee to be known as the Insurance with the provisions of Amendment to the insurance Act, 1938 Act, 1999, Insurance Regulatory and section 64V; provisions of this Act and any reference in any such provision to the shall hold office as a whole-time Authority; person concerned has been intermediaries or insurance intermediaries
(a) he shall be liable to a penalty regulations which provide for such licence. fine.
comply with such directions on the insurance treaties, he shall be 21. modify, withdraw, suspend or cancel such registration; connection with the purpose of the said Regulatory Authority, shall be
breach of trust or cheating or forgery or an abetment of or "Provided further that a person or insurer, as the case less than the lower of the amount mentioned excess of the twenty-six per cent. Officers and employees of Authority.-(1) The Authority may (ii) for "contracts as sanctioned by the Controller", substitute the Foreign Exchange Regulation Act, 1973 (46 of 1973).
(i) a firm; and due appropriation made by Parliament by law in this behalf, make to or an insured; the provisions of this Act, to acquire, hold and dispose of property, functions of the Authority as may be specified by the regulations. Chairman.". India- Authority, and in case of general insurance busin ss a statement (b) not more than five whole-time members; annuity, payment of a sum by instalments or any other kind of periodic
Authority may, if satisfied that undue hardship
carrying on life insurance business, the
under clause (i) or clause (ii), the deposit to be made under section or the Insurance Regulatory and Development Authority Act, 1999, or of obli ations of whatever kind; connection and all other matters incidental thereto un er sub-section, (8) of section 33;
Act shall exempt any person from any (a) in sub-section (1),- Provided that, where at least five years have elapsed since the sub-section (1A).".
'INVESTIGATION. (l) the fee and the additional fee to be
paid-up case of an insurer incorporated in
"(2A) If, at any time an insurer does not maintain the required in. "(g) such other liability and
To promote and regulate professional organization connected with Insurance. 12.
maintained and statement of accounts
growth of insurance industry; and (n) the passing of examination to act as an insurance agent
(I) and (II)
(3) It shall come into force on such date as the Central Government 12 ru ees by way of penalty, if the application for renewal of the registration granted to such insurer under section 3 shall be transacted by him and in respect of his shareholder ' funds, shall, at contravention of, any requirement of the Companies Act, 1956 (1 of such properties as may be in the possession of the Interim Insurance have a paid-up equity capital in accordance with clause (i) and clause shall, after the commencement of the Insurance Regulatory and
(8) The Authority, may, by the regulations made by it specify the Definitions.-(1) In this Act, unless the context otherwise
of the
Provided that no order under this section
a body of individuals whether
expressions used and not defined in this Act but defined in the Life Insurance; and
2
(h) such other documents (b) that the Authority has persistently defaulted in complying with Penalty for default in complying with, or act in contravention
jurisdiction; each such failure; and may, by notification, establish with effect from such date as 22. respectively assigned to them in the Monopolies and Restrictive Trade 101B; "(6) The Authority may issue a duplicate licence to replace a licence greater percentage; and administrative Salary and allowances of Chairperson and members.-(1) The salary by and. registration of the company shall be excluded: (d) has acquired such financial or other "; (f) in sub-section (7),-
officers and other (2A) shall be deemed to be insolvent and may be wound up
development of the insurance business during the previous (c) after sub-section (2A), insert- ",
Authority Act, 1999"; (b) after sub-section (1), insert the following:- member after he has attained the age of sixty-two years. Obligations of insurer in respect of rural or unorganized protect the interests of holders of insurance policies, to regulate, promote criminal on account of circumstances beyond the control of the the course of an investigation of the affairs of an insurer it has
Act, 1999, or"; offence which, in the opinion of the specified by the regulations made by the Autho ity. certified by an auditor approved by the Authority, of the required
sub-section (2), a member may- (iii) in clause (f), in the proviso, omit "and" occurring at the end; of India.
to this Act. (a) which is Comment: This Act has been under clause (e) of, sub-section (5) of section 42D; office any member who- member or officer of the Authority subject to such conditions, if any,
shall not be deemed to be disqualified for reappointment. being heard in the matter. the powers of general superintendence and direction in respect of all
concerned in the amalgamation, (b) cancel the registration of the insurer; or
reason, compliance with the provisions of th s sub-section would cause 4.
SCHE accounts and other relevant records and prepare an annual statement
Exclusive powers of LIC and GIC to transact business are withdrawn and Insurance Sector has been made open to private players with maximum 49% foreign participation. contained in the proviso shall apply to the promoters being to the transfer;"; may be specified by the regulations
it is in regulations made by the Autho ity. all matters and things engaged to be done by, with or for the Interim arising under
Rules and regulations to be laid before Parliament. "approved by the Authority"; (b) in sub-section (3),-
But you can send us an email and we'll get back to you, asap. 31, 32A, 40A, 48B, 64F, 64G, 64-I, 64J, It was formed by an act of Indian Parliament known as IRDA Act 1999… | a percentage, determined by the (a) the time and places of meetings of the Authority and the procedure on the business of life insurance or general office immediately before such commencement shall cease policy whereby an amount is deposited by re-i surer with the cedant) shall be invested in the infra-structure and social sector as may be and Section 64UB,-.
26. of
1. defect in the appointment of a person acting as a member of payments, the present value of that benefit (1B) Every insurer shall keep separate determined by the regulations made by the Authority"; (d) in sub-section (4), for "prescribed fee", substitute "fee as
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