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In force

The Insurance Regulatory and Development Authority Act, 1999

50 sections · As amended up to 2026-08

Sections

  1. VI — MISCELLANEOUS
  2. 1Section 33A, omit "Central Government or the"
  3. 2Section 2
  4. 3Section 64UD, after sub-section (1), insert the following:
  5. II — INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
  6. 4Composition of Authority
  7. VI — MISCELLANEOUS
  8. 5Section 37, in clause (c), for "scheme sanctioned", substitute "scheme approved"
  9. 6Section 28A, in sub-section (1), for "31st day of December", substitute "31st day of March"
  10. 7Section 28B, in sub-section (1), for "31st day of December", substitute "31st day of March"
  11. 8Section 42A, in sub-section (1),
  12. 9After section 32A, insert the following:
  13. II — INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
  14. 10Meetings of Authority
  15. 11Vacancies, etc., not to invalidate proceedings of Authority
  16. 12Officers and employees of Authority
  17. III — TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY
  18. 13Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority
  19. IV — DUTIES, POWERS AND FUNCTIONS OF AUTHORITY
  20. 14Duties, powers and functions of Authority
  21. V — FINANCE, ACCOUNTS AND AUDIT
  22. 15Grants by Central Government
  23. 16Constitution of Fund
  24. 17Accounts and audit
  25. VI — MISCELLANEOUS
  26. 18Power of Central Government to issue directions
  27. 19After section 32A, insert the following:
  28. 20Furnishing of returns, etc., to Central Government
  29. 21Chairperson, members, officers and other employees of Authority to be public servants
  30. 22Protection of action taken in good faith
  31. 23Delegation of powers
  32. 24Power to make rules
  33. 25Establishment of Insurance Advisory Committee
  34. 26Power to make regulations
  35. 27Rules and regulations to be laid before Parliament
  36. 27DManner and conditions of investment
  37. 28Application of other laws not barred
  38. 29Power to remove difficulties
  39. 30Amendment of Act 4 of 1938
  40. 31Amendment of Act 31 of 1956
  41. 32Amendment of Act 57 of 1972
  42. 32CObligations of insurer in respect of rural or unorganised sector and backward classes
  43. 33Section 64UD, after sub-section (1), insert the following:
  44. 34Section 64UJ, in sub-section (5), for "Central Government", wherever it occurs, substitute "Authority"
  45. 38Section 70, in sub-section (1), for "the Controller a certificate of registration", substitute "
  46. 39Section 95, in sub-section (1), for "In this Part
  47. 42For sections 102 to 105, substitute the following:
  48. 43In sections 110A, 110B and 110C, for "Controller" wherever it occurs, substitute "Chairperson of the Authority"
  49. 44Section 110G, for "Controller" at both the places where it occurs, substitute "Chairperson of the Authority"
  50. 45Section 110H, in sub-section (1), for "under sections", substitute "under sections 27D,"
  51. 46Section 114, in sub-section (2),
  52. 48Section 116A, for "Central Government", at both places where they occur, substitute "Central Governm
  53. 103Penalty for carrying on insurance business in contravention of sections 3, 7 and 98
  54. 104Penalty for false statement in document
  55. 105Wrongfully obtaining or withholding property
  56. 105AOffences by companies
  57. 105BPenalty for failure to comply with section 32B
  58. 105CPenalty for failure to comply with section 32C