Insurance Regulatory and Development Authority Act : Constitution of Fund. Indian Bare Acts :

Insurance Regulatory and Development Authority Act,1999

Act No : 41

Section : Constitution of Fund.

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; (c) the percentage of prescribed premium income received from the insurer. (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.