Corporate & Allied Laws : CA
The IRDA Act, 1999 | Establishment of Authority | Composition of Authority | Part 1;
Introduction (00:00:08 - 00:01:39)
Definitions (Section 2) (00:01:40 - 00:17:20)
- Authority (Simply means IRDA)
- Intermediary or Insurance Intermediary (Includes Insurance Brokers , Reinsurance , Brokers , Insurance Consultants , Surveyors & Loss Assessors)
- Members (Whole Time or a Part Time member of the Authority)
Establishment of Authority (00:17:30 - 00:10:27)
- Establishment by CG (Section 3(1)) (The Central Government has the power to establish the Authority)
- Characteristics of IRDA (Section 3 (2))
* Perpetual Succession
* Common Seal
Composition of Authority (Section 4) (00:10:28 - 00:14:55)
- Chairperson & Members (Maximum 5 Whole Time Members and 4 Part Time Members)
- Requirement as to Specialized areas (Section 4(2))
* Chairperson can only be the person who is an expert in Life Insurance , General Insurance or Actuarial Science
Term or Office of Chairperson and Members of Authority (Section 5) (00:14:56 - 00:20:26)
- Term of Office of Chairperson & Whole Time Members
* Chairperson - 5 Years & Shall be eligible for Reappointment, Maximum age can be 65 Years
* Whole Time Members - 62 Years
- Time of Office of Part Time Members - Maximum 5 Years
- Removal & Resignation
Removal from Office of Chairperson & Other Members (Section 6) (00:20:27 - 00:23:02)
- Sitations in which a member may be removed (Section 6 (1))
- Central Government can remove a person anytime from the Office
- SCN before Removal (Section 6 (2))
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