Page 123 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes 24. Power to Make Rules - (1) The Central Government may, by notification, make rules for
carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters, namely:
(a) The salary and allowances payable to, and other terms and conditions of service of, the
members other than part-time members under sub-section (1) of section 7;
(b) The allowances to be paid to the part-time members under sub-section(2) of section 7;
(c) Such other powers that may be exercised by the Authority under clause (q) of sub-section
(2) of section 14;
(d) The form of annual statement of accounts to be maintained by the Authority under sub-
section (1) of section 17;

(e) The form and the manner in which and the time within which returns and statements
and particulars are to be furnished to the Central Government under sub-section (1) of
section 20;
(f) The matters under sub-section (5) of section 25 on which the Insurance Advisory Committee
shall advise the Authority;

(g) Any other matter which is required to be, or may be, prescribed, or in respect of which
provision is to be or may be made by rules.
25. Establishment of Insurance Advisory Committee - (1) The Authority may, by notification,
establish with effect from such date as it may specify in such notification, a Committee to be
known as the Insurance Advisory Committee.

(2) The Insurance Advisory Committee shall consist of not more than twenty-five members
excluding ex-officio members to represent the interests of commerce, industry, transport,
agriculture, consumer forums, surveyors, agents, intermediaries, organizations engaged in safety
and loss prevention, research bodies and employees’ association in the insurance sector.
(3) The Chairperson and the members of the Authority shall be the ex officio Chairperson and
ex-officio members of the Insurance Advisory Committee.
(4) The objects of the Insurance Advisory Committee shall be to advise the Authority on matters
relating to the making of the regulations under section 26.
(5) Without prejudice to the provisions of sub-section (4), the Insurance Advisory Committee
may advise the Authority on such other matters as may be prescribed.

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 transactions 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;

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