(1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999 .
(2) It extends to the whole of India.
(3) It shall come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
______________________
1. Came into force on 19th April, 2000 vide S.O. 397 (E), dated 19th April 2000 published in the Gazette of India, Extra., Pt. II, Section 3 (ii), dated 19th April, 2000.
Section 1 - Short title, extent and commencement
(1) This Act may be called the Insurance Regulatory and Development Authority Act, 1999 .
(2) It extends to the whole of India.
(3) It shall come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
______________________
1. Came into force on 19th April, 2000 vide S.O. 397 (E), dated 19th April 2000 published in the Gazette of India, Extra., Pt. II, Section 3 (ii), dated 19th April, 2000.
Section 2 - Definitions
(1) In this Act, unless the context otherwise requires,--
(a) "appointed day" means the date on which the Authority is established under sub-section (1) of section 3;
(b) "Authority" means the Insurance Regulatory and Development Authority established under sub-section (7) of section 3;
(c) "Chairperson" means the Chairperson of the Authority;
(d) "Fund" means the Insurance Regulatory and Development Authority Fund constituted under sub-section (1) of section 16;
(e) "Interim Insurance Regulatory Authority" means the Insurance Regulatory Authority set up by the Central Government through Resolution No. 17(2)/94-Ins.-V, dated the 23rd January, 1996;
(f) "intermediary or insurance intermediary" includes insurance brokers, reinsurance brokers, insurance consultants, surveyors and less assessors;
(g) "member" means a whole-time or a part-time member of the Authority and includes the Chairperson;
(h) "notification" means a notification published in the Official Gazette;
(i) "prescribed" means prescribed by rules made under this Act;
(j) "regulations" means the regulations made by the Authority.
(2) Words and expressions used and not defined in this Act but defined in the Insurance Act, 1938 (4 of 1938) or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) shall have the meanings respectively assigned to them in those Acts.