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 date1
as 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.
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 2
[of India]
established under sub-section (1) 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;
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[(f) “intermediary” or “insurance intermediary” includes insurance brokers, re-insurance brokers,
insurance consultants, corporate agents, third party administrator, surveyors and loss assessors and
such other entities, as may be notified by the Authority from time to time;]
(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.
1.19th April, 2000, vide notification No. S.O. 397(E), dated 19th April, 2000, see Gazette of India, Extraordinary, Part II,
sec. 3(ii).
2. Ins. by Act 5 of 2015, s. 105 (w.e.f. 26-12-2014).
3. Subs. by s. 105, ibid., for clause (f) (w.e.f. 26-12-2014).
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(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.