Lawgist3Establishment 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.
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1 Ins. by Act 5 of 2015, s. 106 (w.e.f. 26-12-2014).
- 3 Establishment and incorporation of Authority
- 4 Composition of Authority
- 5 Tenure of office of Chairperson and other members
- 6 Removal from office
- 7 Salary and allowances of Chairperson and members
- 8 Bar on future employment of members
- 9 Administrative powers of Chairperson
- 10 Meetings of Authority
- 11 Vacancies, etc., not to invalidate proceedings of Authority
- 12 Officers and employees of Authority
