Page 119 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes 11. Vacancies, etc., not to Invalidate Proceedings of Authority - No act or proceeding of the
Authority shall be invalid merely by reason of –
(a) Any vacancy in, or any defect in the constitution of, the Authority; or

(b) Any defect in the appointment of a person acting as a member of the Authority; or
(c) Any irregularity in the procedure of the Authority not affecting the merits of the case.
12. Officers and Employees of Authority - (1) The Authority may appoint officers and such other
employees as it considered necessary for the efficient discharge of its function under this Act.
(2) The terms and other conditions of service of officers and other employees of the Authority
appointed under sub-section (1) shall be governed by regulations made under this Act.

7.4.3 Chapter III – Transfer of Assets, Liabilities, etc., of Interim
Insurance Regulatory Authority

13. Transfer of assets, liabilities, etc., of interim insurance regulatory authority - On the appointed
day,–
(a) all the assets and liabilities of the Interim Insurance Regulatory Authority shall stand
transferred to, and vested in, the Authority.

Notes The assets of the Interim Insurance Regulatory Authority shall be deemed to include
all rights and powers, and all properties, whether movable or immovable, including, in
particular, cash balances, deposits and all other interests and rights in, or arising out of,
such properties as may be in the possession of the Interim Insurance Regulatory Authority
and all books of account and other documents relating to the same; and liabilities shall be
deemed to include all debts, liabilities and obligations of whatever kind.
(b) without prejudice to the previous of clause (a), all debts, obligations and liabilities incurred,
all contracts entered into and all matters and things engaged to be done by, with or for the
Interim Insurance Regulatory Authority immediately before that day, for or in connection with
the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered
into or engaged to be done by, with or for, the Authority;
(c) all sums of money due to the Interim Insurance Regulatory Authority immediately before
that day shall be deemed to be due to the Authority; and
(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.

7.4.4 Chapter IV – Role and Functions of IRDA

14. Duties, Powers and Functions of Authority - (1) Subject to the provisions of this Act and any
other law for the time being in force, the Authority shall have the duty to regulate, promote and
ensure orderly growth of the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers
and functions of the Authority shall include, -
(a) Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;

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