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Section 3: Establishment and incorporation of Authority.

The Insurance Regulatory and Development Authority Act, 1999Central Act · Act 41 of 1999

(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 [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.

Where this provision sits

ActThe Insurance Regulatory and Development Authority Act, 1999
Section3
Marginal noteEstablishment and incorporation of Authority.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 5 of 2015. Ins. by Act 5 of 2015, s. 106 (w.e.f. 26-12-2014).

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