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IRDA Bill
Definition
A bill 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 insurance industry and for matters
connected therewith or incidental thereto and further to amend the
insurance act, 1938, the Life Insurance Corporation Act 1956 and
the General Insurance Business (Nationalisation) Act, 1972.
Be it enacted by the parliament in the Fiftieth Year of the Republic
of India as follows:
CHAPTER I
PRELIMINARY Definitions
CHAPTER II
Composition of Authority, Tenure of office, Removal from office,
Salary and allowances, Ban on Future Employment, Administrative
Powers, Meetings of Authority, Vacancies
CHAPTER III
Transfer of Assets, Liabilities, etc of the Interim Insurance Regulatory
Authority
CHAPTER IV
Duties, powers and functions of Authority
CHAPTER V
Grants by Central Government, Constitution of Fund, Accounts and
Audit
CHAPTER VI
Powers of Government, Act 4 of 1938,
Furnishing of Returns, Public servants, Protection of action,
Delegation of powers to make rules & regulations to be laid
before Parliament, Establishment of Insurance Advisory Committee,
Amendment of Act 4 of 19381 of 1956, Act 57 of 1972
THE FIRST
SCHEDULE
Changes to Sections 2 through 114
THE SECOND SCHEDULE
Amendments to the L I C Act, 1956
THE THIRD SCHEDULE
Amendments to the General Insurance Business
(Nationalisation) Act, 1972
STATEMENT OF OBJECTS
AND REASONS
11 specific sectional statements, Notes on Clauses
FINANCIAL MEMORANDUM
MEMORANDUM REGARDING
DELEGATED LEGISLATION
6 specific sectional statements
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