Page 124 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Unit 7: Insurance Regulatory and Development Authority Act (IRDA Act)

(d) The powers and functions which may be delegated to Committees of the members under Notes
sub-section (2) of section 23; and
(e) Any other matter which is required to be, or may be, specified by regulations or in respect
of which provision is to be or may be made by regulations.
27. Rules and Regulations to be laid Before Parliament - Every rule and every regulation made
under this Act shall be laid, as soon as may be after it is made, before each House of Parliament,
while it is in session, for a total period of thirty days which may be comprised in one session or
in two or more successive sessions, and if, before the expiry of the session immediately following
the session or the successive session aforesaid, both Houses agree in making any, modification
in the rule or regulation or both Houses agree that the rule or regulation should not be made,
the rule or regulation shall thereafter have effect only in such modified form or be of no effect,
as the case may be; so, however, that any such modification or annulment shall be without
prejudice to the validity of anything previously done under that rule or regulation.

28. Application of Other Laws not Barred. - The provisions of this Act shall be in addition to, and
not in derogation of, the provisions of any other law for the time being in force.
29. Power to Remove Difficulties - (1) If any difficulty arises in giving effect to the provisions of
this Act, the Central Government may, by order published in the Official Gazette, make such
provisions not inconsistent with the provisions of this Act as may appear to be necessary for
removing the difficulty:
Provided, that no order shall be made under this section after the expiry of two years from the
appointed day.

Task Prepare a presentation on the main provisions of IRDA Act.
(2) Every order made under this section shall be laid, as soon as may be, after it is made, before
each House of Parliament.
30. Amendment of Act 4 of 1938 - The Life Insurance Act, 1938 shall be amended in the manner
specified in the First Schedule to this Act.
31. Amendment of Act 31 of 1956 - The Life Insurance Corporation Act, 1956 shall be amended in
the manner specified in the Second Schedule to this Act.
32. Amendment of Act 57 of 1972 - The General Insurance Business (Nationalization) Act, 1972
shall be amended in the manner specified in the Third Schedule to this Act.

Self Assessment

Fill in the blanks:

9. The Authority shall be a body corporate by the name aforesaid having
………………………… succession and a common seal.
10. The head office of the Authority shall be at such place as the ……………………….
Government may decide from time to time.
11. The Chairperson and every other whole-time member shall hold office for a term of
…………………… years from the date on which he enters upon his office and shall be
eligible for reappointment.
12. All the assets and liabilities of the ……………………….. Insurance Regulatory Authority
shall stand transferred to, and vested in, the Authority.

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