Pdf IRDA Act

My sister is looking for Act of Insurance Regulatory & Development Authority (IRDA). So can anyone provide Act of Insurance Regulatory & Development Authority (IRDA) in pdf format?

[Rajkumar Agarwal]

As you are looking for Act of Insurance Regulatory & Development Authority (IRDA), so I am providing complete ACT:

Insurance Regulatory & Development Authority (IRDA) ACT:
INTRODUCTION In other modules of this course you have studied the meaning of insurance and its importance and how it plays a very important role in economic development of the country. By now you must be well versed that in insurance business, there is a contract between individuals or group or businessmen and insurance companies. The duration of these contracts varies from one year to thirty years or more and volume of such contracts are also very large.

As you know the insurance contract is of promises or assurances by the insurance companies to compensate the insured in case of mishappening but nothing is tangible. When the product is intangible (which can not be seen or touch) and volume of such contracts is huge then the disputes do arise in any industry. To settle these disputes the Government of any country appoints regulator and also enforces the law which controls the industry.

OBJECTIVES
In this module we will study various Acts which are directly related to insurance business and some acts which indirectly deal with the insurance business. In the following para we have referred about two Acts LIC Act 1956 and GIBN Act 1972 but we will not explain these acts as they have lost their importance due to changed scenario in respect of the Insurance sector in the country. We will be covering the following Acts in this module

Insurance Regulatory & Development Authority Act 1999.
Insurance Act 1938.
Consumer Protection Act 1986.
Insurance Ombudsman
Marine Insurance Act 1963.
Carriage of Goods by sea Act 1925.
Bill of Lading Act 1855.
Motor Vehicle Act 1988.
Inland Steam Vessels Act 1977.
Public Liability Act 1991.
Workmans Compensation Act 1923

For the benefit of those of you who are studying various Acts for the first time, we would like to mention that Acts lay down the rules and regulations framed by the Government in respect of specific activities. These rules & regulations are explained in sections which have been serially numbered and are called “Section 1 or 2 or 30 and so on”.

At the end of this lesson, you will be able to:
Know about the Controlling and regulating Authority for Insurance sector in India.
Define how many members constitute the Authority.
Enumerate procedure of their appointment.
Enlist the Duties, Power and functions of Authority

Insurance Regulatory & Development Authority Act
Expenditure and
Management of the insurance companies

The Office of Controller was established to implement this act. Again, this Act was amended in 1950 as per the need of the hour. But in view of growing malpractices in Life Insurance business and also due to the illiteracy level being high and lack of will for spread of Life Insurance business, it was nationalized by Government of India.

LIC Act was passed in June; 1956, and this Act came into force from 1st Sept.1956. Similarly general insurance business was nationalized Act came into force w.e.f 1st April 1973 through General Insurance Business Nationalization Act 1972 (GIBNAct 1972). To implement these acts the Government made some minor changes in the Insurance Act 1938.

Insurance Regulatory & Development Authority (IRDA) ACT: