The Insurance Regulatory and Development Authority Act, 1999

--- Section 1. 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 date 1 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. [Footnotes] 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) . --- Section 2. 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 1 [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; 2 [(f) "insurance intermediary" shall have the same meaning as assigned to it in clause ( 10B ) of section 2 of the Insurance Act, 1938 (4 of 1938);] (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. [Footnotes] 1 Ins. by Act 5 of 2015, s. 105 (w.e.f. 26-12-2014). 2 Subs. by Act 40 of 2025, s. 87, for clause ( f ) (w.e.f. 05-02-2026). --- Section 3. Section 3.Establishment and incorporation of Authority. --- (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called "the Insurance Regulatory and Development Authority 1 [of India]." (2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued. (3) The head office of the Authority shall be at such place as the Central Government may decide from time to time. (4) The Authority may establish offices at other places in India. [Footnotes] 1 Ins. by Act 5 of 2015, s. 106 (w.e.f. 26-12-2014). --- Section 4. Section 4.Composition of Authority. --- The Authority shall consist of the following members, namely:-- (a) a Chairperson; (b) not more than five whole-time members; (c) not more than four part-time members, to be appointed by the Central Government from amongst persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration 1 [, information technology] or any other discipline which would, in the opinion of the Central Government, be useful to the Authority: Provided that the Central Government shall, while appointing the Chairperson and the whole-time members, ensure that at least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, respectively. [Footnotes] 1. Ins. by Act 40 of 2025, s. 88 (w.e.f. 05-02-2026) --- Section 5. Section 5.Tenure of office of Chairperson and other members. --- 1 [(1) The term of office of the Chairperson and other whole-time members shall be five years from the date on which they enter upon their office or till they attain the age of sixty-five years, whichever is earlier, and shall be eligible for reappointment.] (2) A part-time member shall hold office for a term not exceeding five years from the date on which he enters upon his office. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2) , a member may-- (a) relinquish his office by giving in writing to the Central Government notice of not less than three months; or (b) be removed from his office in accordance with the provisions of section 6. [Footnotes] 1. Subs. by Act 40 of 2025, s. 89, for sub-section ( 1 ) (w.e.f. 05-02-2026) --- Section 6. Section 6.Removal from office. --- (1) The Central Government may remove from office any member who-- (a) is, or at any time has been, adjudged as an insolvent; or (b) has become physically or mentally incapable of acting as a member; or (c) has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or (e) has so abused his position as to render his continuation in office detrimental to the public interest. (2) No such member shall be removed under clause (d) or clause (e) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter. --- Section 7. Section 7.Salary and allowances of Chairperson and members. --- (1) The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed. (2) The part-time members shall receive such allowances as may be prescribed. (3) The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after appointment. --- Section 8. Section 8.Bar on future employment of members. --- The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept-- (a) any employment either under the Central Government or under any State Government; or (b) any appointment in any company in the insurance sector. --- Section 9. Section 9.Administrative powers of Chairperson. --- The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority. --- Section 10. Section 10.Meetings of Authority. --- (1) The Authority shall meet at such time and places and shall observe such rules and procedures in regard to transaction of business at its meetings (including quorum at such meetings) as may be determined by the regulations. (2) The Chairperson, or if for any reason he is unable to attend a meeting of the Authority, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting. (3) All questions which come up before any meeting of the Authority shall be decided by a majority of votes by the members present and voting, and in the event of an equality of votes, the Chairperson, or in his absence, the person presiding shall have a second or casting vote. (4) The Authority may make regulations for the transaction of business at its meetings. --- Section 11. Section 11.Vacancies, etc., not to invalidate proceedings of Authority. --- No act or proceeding of the Authority shall be invalid merely by reason of-- (a) any vacancy in, or any defect in the constitution of, the Authority; or (b) any defect in the appointment of a person acting as a member of the Authority; or (c) any irregularity in the procedure of the Authority not affecting the merits of the case. --- Section 12. Section 12.Officers and employees of Authority. --- (1) The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its functions under this Act. (2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be governed by the regulations made under this Act. --- Section 13. Section 13.Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority. --- On the appointed day,--- (a) all the assets and liabilities of the Interim Insurance Regulatory Authority shall stand transferred to, and vested in, the Authority. Explanation .---The assets of the Interim Insurance Regulatory Authority shall be deemed to include all rights and powers, and all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the Interim Insurance Regulatory Authority and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind; (b) without prejudice to the provisions of clause (a) , all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Interim Insurance Regulatory Authority immediately before that day, for or in connection with the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Authority; (c) all sums of money due to the Interim Insurance Regulatory Authority immediately before that day shall be deemed to be due to the Authority; and (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Insurance Regulatory Authority immediately before that day may be continued or may be instituted by or against the Authority. --- Section 14. Section 14.Duties, powers and functions of Authority. --- (1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1) , the powers and functions of the Authority shall include,-- (a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; (b) protection of the interests of the policy-holders in matters concerning assigning of policy, nomination by policy-holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; (c) specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; (d) specifying the code of conduct for surveyors and loss assessors; (e) promoting efficiency in the conduct of insurance business; (f) promoting and regulating professional organisations connected with the insurance and re-insurance business; (g) levying fees and other charges for carrying out the purposes of this Act; (h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business 1 ***; (j) specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (k) regulating investment of funds by insurance companies; (l) regulating maintenance of margin of solvency; (m) adjudication of disputes between insurers and intermediaries or insurance intermediaries; 2 [(n) imposing such penalty as specified in section 102 of the Insurance Act, 1938 (4 of 1938) and for any violation of the provisions of this Act or rules or regulations made thereunder;] (o) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f) ; (p) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and (q) exercising such other powers as may be prescribed. [Footnotes] 1. Certain words omitted by Act 40 of 2025, s. 90 (w.e.f. 05-02-2026). 2. Subs. by s. 90, ibid. for clause ( n ) (w.e.f. 05-02-2026). --- Section 14A. Section 14A.Power of Authority to collect policy information --- 1 [ 14A. Power of Authority to collect policy information. ---The Authority may, for the purpose of efficient discharge of its functions and to regulate and develop the insurance business--- (a) collect in such manner as it may think fit, information relating to policies and claims from any insurer or other regulated entities; and (b) furnish such information to any insurer or other regulated entities in accordance with the provisions of section 14C.] [Footnotes] 1. Ins. by Act 40 of 2025, s. 91, (w.e.f. 05-02-2026). --- Section 14B. Section 14B.Power to call for returns containing policy information --- 1 [ 14B. Power to call for returns containing policy information. ---(1) For the purpose of enabling the Authority to discharge its functions under this Act and the Insurance Act, 1938 (4 of 1938), it may at any time direct any insurer or other regulated entities to submit statements relating to policies and policyholder related information in such form and within such time as may be specified by the regulations. (2) Notwithstanding anything to the contrary contained in any law for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its constituents, an insurer or other regulated entities shall comply with any direction issued under sub-section ( 1 ).] [Footnotes] 1. 1. Ins. by Act 40 of 2025, s. 91, (w.e.f. 05-02-2026). --- Section 14C. Section 14C.Procedure for furnishing policyholder and policy related information to insurer or other regulated entities. --- 1 [ 14C. Procedure for furnishing policyholder and policy related information to insurer or other regulated entities. ---(1) The insurer may, in connection with any insurance policy issued or proposed to be issued by it, to any person, make an application to the Authority in such form as the Authority may specify by the regulations. (2) The Authority shall process the application made under sub-section ( 1 ) within such period as may be specified by the regulations only after the insurer confirms to the Authority that the person has consented to provide access of his policy related information in accordance with the existing law and regulations framed in this regard including the preservation of evidence of such consent. (3) On receipt of an application under sub-section ( 1 ), the Authority shall, as soon as may be, furnish the applicant with such policy related information as specified in the application, as may be in its possession: Provided that the information so furnished shall not disclose the names of the insurer or other regulated entities that has submitted such information to the Authority. (4) The Authority may in respect of each application levy such fees, as it may deem fit for furnishing such information.] [Footnotes] 1. Ins. by Act 40 of 2025, s. 91, (w.e.f. 05-02-2026). --- Section 14D. Section 14D.Disclosure of information prohibited. --- 1 [ 14D. Disclosure of information prohibited. ---(1) Any information contained in any statement submitted by an insurer or other regulated entities under section 14B or furnished by the Authority to any insurer or other regulated entities under section 14C, shall be treated as confidential and shall not, except for the specified intended purposes, be published or otherwise disclosed. (2) Nothing in this section shall apply to--- (a) the disclosure by any insurer or other regulated entities, with the previous permission of the Authority, of any information furnished to the Authority under section 14B or 14C; (b) the publication by the Authority, if it considers necessary in the public interest so to do, of any information collected by it under section 14B or 14C, in such consolidated form as it may think fit without disclosing the name of any insurer or other regulated entities or the policyholder; (c) the disclosure or publication by the Authority or the insurer or other regulated entities of any policy related information to any other insurance company, intermediary or regulated entity as permitted by the Authority under the regulations to be issued from time to time. (3) Notwithstanding anything contained in any law for the time being in force, no court, tribunal or other authority shall compel the Authority or any insurer or other regulated entities to produce or to give inspection of any statement submitted by that insurer or other regulated entities under section 14B or 14C or to disclose any policy related information furnished by the Authority to that insurer or other regulated entities under section 14C.] [Footnotes] 1. Ins. by Act 40 of 2025, s. 91, (w.e.f. 05-02-2026). --- Section 14E. Section 14E.Power to authorize. --- 1 [ 14E. Power to authorise. ---The Authority may, for the efficient discharge of its functions under sections 14A to 14D, by a general or special order in writing, authorise any entity regulated by it or any other statutory body having similar objectives to perform such functions as specified in the said order.] [Footnotes] 1. Ins. by Act 40 of 2025, s. 91, (w.e.f. 05-02-2026). --- Section 15. Section 15.Grants by Central Government. --- The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as the Government may think fit for being utilised for the purposes of this Act. --- Section 16. Section 16.Constitution of Fund. --- (1) There shall be constituted a fund to be called "the Insurance Regulatory and Development Authority Fund" and there shall be credited thereto--- (a) all Government grants, fees and charges received by the Authority; (b) all sums received by the Authority from such other source as may be decided upon by the Central Government; 1 * * * * * (2) The Fund shall be applied for meeting--- (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority; (b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act 2 [and the Insurance Act, 1938 (4 of 1938)]; 2 [(c) the capital expenditure, as per annual capital expenditure plan approved by the Authority.] 2 [(3) The Authority shall constitute a Reserve Fund and twenty-five per cent. of the annual surplus of the Fund in any year shall be credited to such Reserve Fund and such fund shall not exceed the total of annual expenditure of preceding three financial years. (4) After incurring all the expenses referred to in sub-section ( 2 ) and transfer to Reserve Fund as specified in sub-section ( 3 ), the surplus of the Fund shall be transferred to the Consolidated Fund of India. Explanation. ---For the purposes of this section, the expression "Reserve Fund" means a fund to hold the surplus of the Fund, in the form and manner specified in sub-section ( 3 ) of section 16.] [Footnotes] 1. Clause (c) omitted by Act 5 of 2015, s. 107 (w.e.f. 26-12-2014). 2. Ins. by Act 40 of 2025, s. 92 (w.e.f. 05-02-2026). --- Section 16A. Section 16A.Constitution of Policyholders’ Education and Protection Fund. --- 1 [ 16A. Constitution of Policyholders' Education and Protection Fund. ---(1) The Authority shall constitute a fund to be called the Policyholders' Education and Protection Fund. (2) There shall be credited to the Policyholders' Education and Protection Fund the following amounts, namely:--- (a) any grants and donations given to the Policyholders' Education and Protection Fund by the Central Government, State Governments, the Authority, companies or any other institutions for the purposes of the Policyholders' Education and Protection Fund; (b) the sums realised by way of penalties by the Authority under this Act or the Insurance Act, 1938 (4 of 1938) or rules and regulations thereunder; and (c) such other sums as may be specified by the regulations. (3) The Policyholders' Education and Protection Fund shall be administered and utilised by the Authority for education of policyholders and protection of the interests of policyholders in the manner and for such other purposes as may be specified by the regulations.] [Footnotes] 1. Ins. by Act 40 of 2025, s. 93 (w.e.f. 05-02-2026). --- Section 17. Section 17.Accounts and audit. --- (1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor-General. (3) The Comptroller and Auditor-General of India and any other person appointed by him in connection with the audit of the accounts of the Authority shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General generally has in connection with the audit of the Government accounts and, in particular, shall have the right to demand the production of books of account, connected vouchers and other documents and papers and to inspect any of the offices of the Authority. (4) The accounts of the Authority as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament. --- Section 18. Section 18.Power of Central Government to issued directions. --- (1) Without prejudice to the foregoing provisions of this Act, the Authority shall, in exercise of its powers or the performance of its functions under this Act, be bound by such directions on questions of policy, other than those relating to technical and administrative matters, as the Central Government may give in writing to it from time to time: Provided that the Authority shall, as far as practicable, be given an opportunity to express its views before any direction is given under this sub-section. (2) The decision of the Central Government, whether a question is one of policy or not, shall be final. --- Section 19. Section 19.Power of Central Government to supersede Authority. --- (1) If, at any time the Central Government is of the opinion,--- (a) that, on account of circumstances beyond the control of the Authority, it is unable to discharge the functions or perform the duties imposed on it by or under the provisions of this Act; or (b) that the Authority has persistently defaulted in complying with any direction given by the Central Government under this Act or in the discharge of the functions or performance of the duties imposed on it by or under the provisions of this Act and as a result of such default the financial position of the Authority or the administration of the Authority has suffered; or (c) that circumstances exist which render it necessary in the public interest so to do, the Central Government may, by notification and for reasons to be specified therein, supersede the Authority for such period, not exceeding six months, as may be specified in the notification and appoint a person to be the Controller of Insurance under section 2B of the Insurance Act, 1938 (4 of 1938), if not already done: Provided that before issuing any such notification, the Central Government shall give a reasonable opportunity to the Authority to make representations against the proposed supersession and shall consider the representations, if any, of the Authority. (2) Upon the publication of a notification under sub-section (1) superseding the Authority,-- (a) the Chairperson and other members shall, as from the date of supersession, vacate their offices as such; (b) all the powers, functions and duties which may, by or under the provisions of this Act, be exercised or discharged by or on behalf of the Authority shall, until the Authority is reconstituted under sub-section (3) , be exercised and discharged by the Controller of Insurance; and (c) all properties owned or controlled by the Authority shall, until the Authority is reconstituted under sub-section (3) , vest in the Central Government. (3) On or before the expiration of the period of supersession specified in the notification issued under sub-section (1) , the Central Government shall reconstitute the Authority by a fresh appointment of its Chairperson and other members and in such case any person who had vacated his office under clause (a) of sub-section (2) shall not be deemed to be disqualified for reappointment. (4) The Central Government shall cause a copy of the notification issued under sub-section (1) and a full report of any action taken under this section and the circumstances leading to such action to be laid before each House of Parliament at the earliest. --- Section 20. Section 20.Furnishing of returns, etc., to Central Government. --- (1) The Authority shall furnish to the Central Government at such time and in such form and manner as may be prescribed, or as the Central Government may direct to furnish such returns, statements and other particulars in regard to any proposed or existing programme for the promotion and development of the insurance industry as the Central Government may, from time to time, require. (2) Without prejudice to the provisions of sub-section (1) , the Authority shall, within nine months after the close of each financial year, submit to the Central Government a report giving a true and full account of its activities including the activities for promotion and development of the insurance business during the previous financial year. (3) Copies of the reports received under sub-section (2) shall be laid, as soon as may be after they are received, before each House of Parliament. --- Section 21. Section 21.Chairperson, members, officers and other employees of Authority to be public servants. --- The Chairperson, members, officers and other employees of the Authority shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Act, to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860). --- Section 22. Section 22.Protection of action taken in good faith. --- No suit, prosecution or other legal proceedings shall lie against the Central Government or any officer of the Central Government or any member, officer or other employee of the Authority for anything which is in good faith done or intended to be done under this Act or the rules or regulations made thereunder: Provided that nothing in this Act shall exempt any person from any suit or other proceedings which might, apart from this Act, be brought against him. --- Section 23. Section 23.Delegation of powers. --- 1 [(1) The Authority may, for the efficient discharge of its functions under this Act, by a general or special order in writing by notification, delegate to the Chairperson or any other member or any officer of the Authority, subject to such conditions or restrictions, if any, as may be specified in the order, such of its powers and functions under this Act, except the power to make regulations and the power to register an insurer, as it may deem necessary or expedient.] (2) The Authority may, by a general or special order in writing, also form committees of the members and delegate to them the powers and functions of the Authority as may be specified by the regulations. [Footnotes] 1. Subs. by Act 40 of 2025, s. 94 (w.e.f. 05-02-2026). --- Section 23A. Section 23A.Powers of Authority not to apply to International Financial Services Centre. --- 1 [23A. Powers of Authority not to apply to International Financial Services Centre. --- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Authority under this Act,--- (a) shall not extend to an International Financial Services Centre set up under sub-section ( 1 ) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section ( 1 ) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.] [Footnotes] 1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020). --- Section 24. Section 24.Power to make rules. --- (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members under sub-section (1) of section 7; (b) the allowances to be paid to the part-time members under sub-section (2) of section 7; (c) such other powers that may be exercised by the Authority under clause (q) of sub-section (2) of section 14; (d) the form of annual statement of accounts to be maintained by the Authority under sub-section (1) of section 17; (e) the form and manner in which and the time within which returns and statements and particulars are to be furnished to the Central Government under sub-section (1) of section 20; (f) the matters under sub-section (5) of section 25 on which the Insurance Advisory Committee shall advise the Authority; (g) any other matter which is required to be, or may be, prescribed, or in respect of which provision is to be or may be made by rules. --- Section 25. Section 25.Establishment of Insurance Advisory Committee. --- (1) The Authority may, by notification, establish with effect from such date as it may specify in such notification, a Committee to be known as the Insurance Advisory Committee. (2) The Insurance Advisory Committee shall consist of not more than twenty-five members excluding ex officio members to represent the interests of commerce, industry, transport, agriculture, consumer fora, surveyors, agents, intermediaries, organisations engaged in safety and loss prevention, research bodies and employees' association in the insurance sector. (3) The Chairperson and the members of the Authority shall be the ex officio Chairperson and ex officio members of the Insurance Advisory Committee. (4) The objects of the Insurance Advisory Committee shall be to advise the Authority on matters relating to the making of the regulations under section 26. (5) Without prejudice to the provisions of sub-section (4) , the Insurance Advisory Committee may advise the Authority on such other matters as may be prescribed. --- Section 26. Section 26.Power to make regulations. --- 1 [(1) The Authority may, in consultation with the Insurance Advisory Committee, by notification make regulations consistent with the provisions of this Act and the rules made thereunder, to carry out the purposes of this Act and while making the regulations shall ensure transparency by--- (a) publishing draft regulations along with such other details as may be specified on its website and inviting public comments for a specified period prior to issuing such regulations; (b) publishing a general statement of its response to the public comments, not later than the date of notification of the regulations; and (c) periodically reviewing such regulations: Provided that if the Authority is of the opinion that certain regulations are required to be made or existing regulations to be amended urgently in the public interest or the subject matter of the regulation relates solely to the internal functioning of the Authority, it may dispense with the condition of publishing draft regulations and record the reason for doing so: Provided further that if the Authority decides to approve regulations in a form substantially different from the proposed regulations other than changes made in consideration of comments received by it, it shall repeat the process mentioned in this sub-section.] (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--- (a) the time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section ( 1 ) of section 10; (b) the transaction of business at its meetings under sub-section ( 4 ) of section 10; (c) the terms and other conditions of service of officers and other employees of the Authority under sub-section ( 2 ) of section 12; (d) the powers and functions which may be delegated to committees of the members under 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. [Footnotes] 1. Subs. by Act 40 of 2025, s. 95, for sub-section ( 1 ) (w.e.f. 05-02-2026). --- Section 27. Section 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 sessions 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. --- Section 28. Section 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. --- Section 29. Section 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. (2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament. --- Section 30. Section 30.Amendment of Act 4 of 1938. --- The Insurance Act, 1938 shall be amended in the manner specified in the First Schedule to this Act. --- Section 31. Section 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. --- Section 32. Section 32.Amendment of Act 57 of 1972. --- The General Insurance Business (Nationalisation) Act, 1972 shall be amended in the manner specified in the Third Schedule to this Act.