Advertisements by insurance intermediaries, 10. The Insurance Regulatory And Development Authority Act, 1999. Action upon rejection of application for requisition, 11. Consumption of intoxicant drinks and drugs, 45. Until 1999, there were no private insurance companies in India. "; (b) in sub-section (4), after the proviso, insert the following :-, "Provided further that the statement referred to in sub-section (4) shall be appended in the form and in the manner specified by the regulations made by the Authority.". 22. The government then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies. Submission of report to the Authority, 34. (a) "company" means any body corporate, and includes -, (ii) an association of persons or a body of individuals whether incorporated or not; and. IRDA Act 1999 is a revolutionary piece of legislation which opened the insurance sector to private players. Requirements applicable to abstract and statements, 7. Section 2 in The Insurance Regulatory and Development Authority Act, 1999. (3) It shall come 1into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Published vide Notification F. No. Claim procedure in respect of a general insurance policy, Insurance Regulatory and Development Authority (Qualification of Actuary) Regulations, 2004. (1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999. Let us have a brief look at some of the important regulations specified. Insurance Regulatory and Development Authority (Obligations of Insurers To Rural Or Social Sectors) Regulations, 2002, Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002, 3. Insurance Regulatory and Development Authority (General Insurance-Reinsurance) Regulations, 2000, 3. The admissibility, of pay allowances other benefits, 20. (a) in sub-section (1), for "the Central Government", substitute "the Authority with the previous approval of the Central Government. "(g) the receipt showing payment of fee as may be determined by the regulations which shall not exceed fifty thousand rupees for each class of business as may be specified by the regulations made by the Authority; (h) such other documents as may be specified by the regulations made by the Authority. "; (iii) in paragraph (C), for "as may be prescribed", substitute "as may be determined by the regulations"; (A) for item (a), substitute the following :-. To perform effectively, wide powers have been given to IRDA. (3) Every insurer shall value his assets and liabilities in the manner required by this section and in accordance with the regulations which may be made by the Authority in this behalf.". 19. IRDA/Reg/4/2002, dated 26.4.2002, published in the Gazette of India, Extraordinary, Part III, Section 4, dated 30.4.2002. It is an autonomous and the statutory body tasked with regulating and promoting insurance and reinsurance in the country. 14.6.2000, p. 3.7 . : (i) "mathematical reserves" means the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from the deposit back arrangement in relation to any policy whereby an amount is deposited by re-insurer with the cedant) arising under or in connection with policies or contracts for life insurance business. The act became law on Dec. 29, 1999. (2) It extends to the whole 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. (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. To exercise all powers and function of controller of Insurance. A Reinsurance Company will be a separate entity doing only Reinsurance Business and minimum paid up capital requirement is of Rs.200 Crores. The Insurance Regulatory and Development Authority Act, 1999. Procedure for action in case of complaint, Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002, 7. Claims procedure in respect of life insurance policy, 9. 27. 397(E), dated 19.4.2000, published in the Gazette of India, Extraordinary, Part II, Section 3(ii), dated 19.4.2000. To conduct Inspection / Investigation etc.. To prescribe method of Insurance Accounting. Cancellation or suspension of license without notice, 36. Help; T he Insurance Regulatory and Development Authority Act, 1999 is 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 an insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, … - (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. THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 ACT NO. "(2-A) If, at any time an insurer does not maintain the required solvency margin in accordance with the provisions of this section, he shall, in accordance with the provisions of this section, he shall, in accordance with the directions issued by the Authority, submit a financial plan, indicating a plan of action to correct the deficiency to the Authority within a specified period not exceeding three months. Section 7 of the IRDA Act requires a Life Insurance Company to deposit every year with the Reserve Bank of India, an amount equal to 1% of the gross premium (but not exceeding Rs.10 Crores)  A General Insurance Company is required to deposit 3% of gross premium (but not exceeding Rs.10 Crores) and a Reinsurance Company is required to deposit Rs.20 Crores. Insurance Regulatory and Development Authority Act, 1999 [Act no. "; (i) for "prescribed fee", substitute "fee as determined by the regulations made by the Authority"; (ii) for clause (i), substitute the following :-. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: To regulate investment of funds and margins of solvency. (b) in the case of a company or firm, any of its directors or partners does not suffer from any of the said disqualifications. To issue, renew, modify, withdraw or suspend certificate of registration. In exercise of the powers conferred by clause (zc) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 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: Maintenance and confidentiality of information. "30-A. 4. Register of licensed insurance surveyors and loss assessors. 3. Notice for discontinuing or leaving the service, 9. This is Dr. Waseem I. Khan, welcome all to our YouTube Channel. Role of IRDA The Insurance Regulatory Development Authority Act, 1999 marked the end of government monopoly in the insurance business. Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015. (2) The manner and procedure for divesting the excess share capital under sub-section (1) shall be specified by the regulations made by the Authority.". To perform effectively, wide powers have been given to IRDA. 13. (a) he shall be liable to a penalty not exceeding five lakh rupees for each such failure; and. In the Act, except in clause (5B) of section 2 and section 2B, for "Controller" wherever it occurs, substitute "Authority" and such consequential changes as the rules of grammar may require shall also be made. 11. Procedure where a license is not granted, 17. (a) after clause (a), insert the following :-. (a) in sub-section (1), for "the Central Government" substitute "the Authority, with the previous approval of the Central Government,"; (b) in sub-section (2), for "the Central Government" substitute "the Authority.". Ltd: The Insurance regulatory and Development authority act, 1999. Add to wishlist. 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 (Actuarial Report and Abstract) Regulations, 2000, 3. Development Authority Act, 1999’. Follow @SCJudgments. Non-application to existing insurance agents, Insurance Regulatory and Development Authority (Life Insurance-Reinsurance) Regulations, 2000, Insurance Regulatory and Development Authority (Manner of Receipt of Premium) Regulations, 2002, Insurance Regulatory and Development Authority (Micro-Insurance) Regulations, 2005. 21. - Notwithstanding anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of carrying on general insurance business in India shall cease on an from the commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring companies shall, thereafter, carry on general insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938). Procedure for imposing major penalties, Insurance Regulatory and Development Authority (Distribution of Surplus), Insurance Regulatory and Development Authority (Form of Annual Statement of Accounts and Records) Rules, 2001. Application to conform to the requirements, 8. (e) has so abused his position as to render his continuation in office detrimental to the public interest. (ii) in the case of a company or firm, any of its directors or partners does not suffer from any of the said disqualifications : (b) for sub-section (3) substitute the following :-. 12.6.2000-Gaz. Power of Central Government to issue directions. Insurance Regulatory and Development Authority. Effect of cancellation or suspension of license, Insurance Regulatory and Development Authority (Investment) Regulations, 2000, 7. "(6) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee not exceeding rupees fifty as may be determined by the regulations. 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