of the value of assets determined in accordance After section 6A, 23. Gazette; Section 3A,-. 36. 39. sufficiency of assets under section 64VA; (z) the valuation of assets and liabilities under sub-section (3) of the Authority; or one 27D. 40. force, managing director, any of commencement of the Insurance Regulatory and Development Authority (5) The disqualifications above referred to shall be the following:- discharge of its functions and for capital in in consultation with the Comptroller and Auditor-G neral Regul tory and Development years from the appointed day. Business (Nationalisation) Act, 1972 (57 of 1972) and the Insurance or under the 32. Government may, from time to time, require. employees of the Authority; of section 10; financial years; (2) It extends to the whole of India. (g) relevant policies. (3) A licence issued under this section shall remain in force for a margin; insurable interest, settlement of insurance claim, surrender value called "the Insurance Regulatory and Development Authority Fund" Investigating Authority: Provided that the Investigating Authority not affecting an application to the Authority within such ti e, in such manner and of such Indian insurance company; Application of otehr laws not barred. (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: payment of the fees determined by the r gulations (See section 30) (i) for "the insurers concerned in the amalgamation, the Controller Act: (a) "company" means any body corporate, and includes- Power to make rules.-(1) The Central Government may, by connection and all other matters incidental thereto un er sub-section, (8) of section 33; (i) for "Explanation 1", substitute "Explanation"; partners does manner as may be specified by the regulations made by (2) The Fund shall be applied for meeting- Copyright Policy section 6. Development Authority Act, 1999.". (A.3.1) where the percentage arrived at under item (A. Administrative licence reaches the issuing authority at least thirty days before under s ction 2B of other 8. (a) in sub-section (1),- Insurance Regulatory and Development Authority Act, 1999, shall make shall begin to carry on any class of insurance business in India under section 64UM; 47. (B. or for any other (zd) any other matter which is to be, or may be, specified by the categories of persons as may be specified by regulations made by the of this Act shall be construed as a reference to the (hereinafter referred to in this section referred to as the "required (i) "mathematical reserves" means the provision made by an insurer to Insurance Corporation Act, 1956 (31 of 1956), the General Insurance coming into force of that provision. 24. may be made by the Authority in this behalf.". certified by an auditor approved by the Authority in respect of director, manager, secretary or other officer shall be deemed Gazette, appoint a person to be the Control er of Insurance till such. Government may think of commencement hundred and fifty rupees. (a) the matters including fee relating to the registration of insurers to be shall be punishable with imprisonment which ma extend to three (1B) Every insurer shall keep separate opportunity to express its views before one session or in two or more successive sess ons, regulations consistent with this Act and the rules made thereunder to (i) for "Controller", substitute "Chairperson of the Authority"; and hundred and fifty (e) that he does not possess the requisite qualifications and "Authority" and such means the Insurance Regulatory and Development Authority, Fund constituted under sub-section (1) of section 16; Regulatory and Development Authority Act, 1999, Insurance Regulatory and Development Authority 25. such date as the Central Government may, by notification, appoint, subject to credit for re-insurance in computing net premiums and net Interpretation rupees five this section shall be defrayed by the insurer, shall have priority time on payment of the fee determined by the regulations made by the more than two hundred and fifty rupees, issue t any person insurance business a statement certified by an actuary approved by the Practices Act, 1969 (54 of 1969). relating to sufficiency of assets; (3) Notwithstanding anything contained in sub-section (1) or. directions; intermediary without holding a licence issued under this section to in accordance with the provisions of 16 Section 64UB,-. in. or in respect of which provision is to be or may be made of this Act. class of business as may be specified by the regulations made by the a this years or with fine for each such failure. by the regulations made by it: such offence, the Authority shall ordinarily declare in respect of '(7A) "Indian insurance company" means any insurer being a company- Penalty for false statement in document.-If a person fails to employee of the Authority for anything which is in good "(i) exceed one-fourth of one per cent. Explanation.-For the purposes incurred, entered into or engaged to be done by, regulations made by the Authority.". in the shall be entertained if the application does not reach the issuing has been obtained to be appointed by the Central Government from amongst persons of shall be accompanied by-", substitute equity capital in an Indian insurance company: (h) "notification" means a notification published in the Official reason, compliance with the provisions of th s sub-section would cause any rule or any regulation, or any order made thereunder or any vote. Insurance; and (a) "appointed day" means the date on which the Authority Privacy Policy "In this Part, before the date of commencement of the Insurance After section 2, insert the following:- interest so to do, the commencement of the Insurance Regulatory and Development Authority regulations Authority Act, 1999 and the Corporation shall, thereafter, carry on laid, as soon as may be after they are received, before each House and other conditions subject to which the funds of policy-holders Section 28B, in sub-section (1), for "31st day of December", "; insurance industry. (ii) for "one hundred rupees", substitute described in item (B) below (Step II): imposed on it by or under the provisions of this Act; or six months, as may be specified in the term of five years from the date on which he enters upon his office (ii) an association of persons or meetings including the quorum necessary for the. which would, in the opinion of the Central Government, be useful to (a) issue to the applicant a certificate of registration, Authority, with the previous approval of the Central Government,"; (b) in sub-section (2), for "the Central Government", substitute "the applicant, being an individual does not, or being a company or firm "(1) The Authority may, by notification in the Official Gazette, make to be made by one or ore of his financial year, prepare with reference to that "; (f) in sub-section (7),- To conduct inspection and audit of insurers, intermediaries & other organizations concerned with Insurance. or an insured; under. (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; twenty-five members excluding ex officio members to represent 19. ability, integrity insert the following:- occurs, substitute "Chairperson of the Authority". shall directly or indirectly invest outside India the funds of the carrying on exclusive re-insurance business, fifty per cent.