read with Sec. Preparation of financial statements, management report and auditor's report, Insurance Regulatory and Development Authority (Protection of Policy-Holders' Interests) Regulations, 2002, 6. (B.3.2) in any other case, by fifty per cent. Insurance Regulatory and Development Authority Act, 1999 Complete Act - Bare Act: State: Central Government: Year: 1999: Act Info: Preamble1 - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999. Canvassing of non-official or outside influence, 33. Claims procedure in respect of life insurance policy, 9. (4) No application for the renewal of a licence under this section shall be entertained if the application does not reach the issuing authority before the licence ceases to remain in force: (5) The disqualifications above referred to shall be the following :-. 8. 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 amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972. Go through the Insurance Regulatory and Development Authority Act, 1999 and know its provisions, schedules, annexures and latest amendments. Your email address will not be published. The IRDA Act has ramifications on The Insurance Act (1938), The Life Insurance Corporation Act (1956) and The General Insurance Business(Nationalisation) Act (1972). Action upon rejection of application for requisition, 11. "; (i) for "prescribed fee", substitute "fee as determined by the regulations made by the Authority"; (ii) for clause (i), substitute the following :-. (i) a paid-up equity capital of rupees one hundred crores, in case of a person carrying on the business of life insurance or general insurance; or. Subject(s): Insurance Regulatory Act DDC classification: 346.086 Summary: Law Publishers(India)Pvt. 114-A of the Insurance Act, 1938, (4 of 1938). - (1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made thereunder, to carryout the purposes of this Act. Insurance Regulatory and Development Authority regulates and promotes the insurance and re-insurance industries of India. Form, manner and the time of furnishing of returns, statements and other particulars, Insurance Regulatory and Development Authority (Appointed Actuary) Regulations, 2000, 3. IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India. Conduct and obligation of officers and other employees, 30. 26 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:- Regulation 1 Short title and commencement . "(g) such other liability which may be made in this behalf to be included for the purpose of clause (ii). Help; Claim procedure in respect of a general insurance policy, Insurance Regulatory and Development Authority (Qualification of Actuary) Regulations, 2004. "2-A. (8) Any person who acts as an intermediary or an insurance intermediary without holding a licence issued under this section to act as such, shall be punishable with fine, and any insurer or any person who appoints as an intermediary or an insurance intermediary or any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine. Daily Law Times Private Limited Book Store Insurance Regulatory and Development Authority Act, 1999 - % Corporate surveyors and loss assessors, 6. Effect of suspension or cancellation of certificate, Insurance Regulatory and Development Authority (Salary and Allowances Payable To, and Other Terms and Conditions of Service of, Chairperson and Other Members) Rules, 2000, 5. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY … Words and expressions used and not defined in these regulations, but defined in the Act, or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or the Insurance Rules, 1939 or any other regulations issued by the Authority shall have the meanings respectively assigned to them in those Acts or Rules or Regulations; 5. - (1) No promoter shall at any time hold more than twenty-six per cent or such other percentage as may be prescribed, of the paid-up equity capital in an Indian insurance company: Explanation. (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Insurance Regulatory Authority immediately before that day may be continued or may be instituted by or against the Authority. Mathematical reserves also include specific provision for adverse deviations of the bases, such as mortality and morbidity rates, interest rates, and expense rates, and any explicit provisions made, in the valuation of liabilities, in accordance with the regulations made by the Authority for this purpose; (ii) "net incurred claims" means the average of the net incurred claims during the specified period of not exceeding three preceding financial years; (iii) "sum at risk" in relation to a life insurance policy, means a sum which is -, (a) in any case in which an amount is payable inconsequence of death other than a case falling within sub-clause (b) below, the amount payable on death, and. 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