Section 26. Power to make regulations

26. Power to make regulations.— (1) The Authority may, in consultation with the Insurance Advisory Committee, by notification, make regulations consistent with this Act and the rules made thereunder to carry out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: — (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section (1) of section 10; (b) the transaction of business at its meetings under sub-section (4) of section 10; (c) the terms and other conditions of service of officers and other employees of the Authority under sub-section (2) of section 12; (d) the powers and functions which may be delegated to committees of the members under sub-section (2) of section 23; and (e) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations. 26. In section 40A, in sub-section (3), for the portion beginning with the words "an amount exceeding" and ending with the words "ten per cent. of the premium payable on the policy", substitute "an amount not exceeding fifteen per cent. of the premium payable on the policy where the policy relates to fire or marine insurance or miscellaneous insurance.". - - 27. Section 42, (a) for sub-section (1), substitute the following: — "(1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by it and on payment of the fee determined by the regulations, which shall not be more than two hundred and fifty rupees, issue to any person making an application in the manner determined by the regulations, a licence to act as an insurance agent for the purpose of soliciting or procuring insurance business: — Provided that, (i) in the case of an individual, he does not suffer from any of the disqualifications mentioned in sub-section (4); and (ii) in the case of a company or firm, any of its directors or partners does not suffer from any of the said disqualifications: Provided further that any licence issued immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999 shall be deemed to have been issued in accordance with the regulations which provide for such licence."; (b) for sub-section (3), substitute the following: — "(3) A licence issued under this section, after the date of the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners does not, suffer from any of the disqualifications mentioned in clauses (b), (c), (d), (e) and (f) of sub-section (4) and the application for renewal of licence reaches the issuing authority at least thirty days before the date on the licence ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee determined by the regulations made by the Authority which shall not be more than rupees two hundred and fifty, and additional fee of an amount determined by the regulations not exceeding rupees one hundred by way of penalty, if the application for renewal of the licence does not reach the issuing authority at least thirty days before the date on which the licence ceases to remain in force."; (c) in sub-section (3A), for the proviso, substitute the following: — "Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the applicant of a penalty of seven hundred and fifty rupees."; (d) in sub-section (4), after clause (d), insert the following: — "(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf; (f) that he has not passed such examination as may be specified by the regulations made by the Authority in this behalf: Provided that a person who had been issued a licence under sub-section (1) of this section or sub-section (1) of section 64UM shall not be required to possess the requisite qualifications, practical training and pass such examination as required by clauses (e) and (f); (g) that he violates the code of conduct as may be specified by the regulations made by the Authority."; (e) for sub-section (6), substitute the following: — "(6) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee not exceeding fifty rupees as may be determined by the regulations."; (f) in sub-section (7), — (i) for "fifty rupees", substitute "five hundred rupees"; (ii) for "one hundred rupees", substitute "one thousand rupees"; (g) in sub-section (8), for "fifty rupees", substitute "five thousand rupees".