Duties, powers and functions of Authority
Section 14 of the Insurance Regulatory and Development Authority Act, 1999 deals with duties, powers and functions of Authority. 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. The Act came into force on 19 Apr 2000.
(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.
Section 14, The Insurance Regulatory and Development Authority Act, 1999 (Act 41 of 1999).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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Microtex India Ltd. v. Insurance Regulatory and Development Authority
Court's Decision & Legal Precedent
Decisions under IRDA Act s.14 must be taken by the Authority in a meeting under s.10/Regulations; individual officer notings are not the Authority's decision; communication refusing second surveyor quashed and Authority directed to decide afresh. DATE VERIFIED Final Order 2014-01-02 (order-1.pdf).
On this section: s.14 duties/powers — second-surveyor decision must be Authority meeting decision.
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Kalyan Prasad Sen v. Insurance Regulatory and Development Authority
Court's Decision & Legal Precedent
IRDA cancellation and refusal to renew surveyor licence under s.14(1) of the 1999 Act read with surveyor regulations upheld where individual licensee conducted business and received fees through an unlicensed company; discrimination plea rejected. DATE VERIFIED Final Order/Common Judgment 2013-04-30 (order-1.pdf).
On this section: s.14(1) powers used to cancel/refuse renewal of surveyor licence for code breaches.
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Strategic Insurance Broking Service Pvt. Ltd. v. Insurance Regulatory and Development Authority
Court's Decision & Legal Precedent
Brokerage-commission dispute may be resolved in court after considering IRDA Act s.14(2)(m) and Regulation 41 where insurer admits entitlement and IRDA consents; insurer directed to pay brokerage (less costs). DATE VERIFIED Final Order 2012-09-04 (order-1.pdf).
On this section: s.14(2)(m) IRDA dispute powers; court may still adjudicate with consent.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Questions about Section 14
What have the courts held on Section 14 of the Insurance Regulatory and Development Authority Act?
Microtex India Ltd. v. Insurance Regulatory and Development Authority (02 Jan 2014) is the leading judgment on this section among those set out below: s.14 duties/powers — second-surveyor decision must be Authority meeting decision. Another 2 judgments on this section are set out below. They run from 2012 to 2014.
How do I find court cases under Section 14 of the Insurance Regulatory and Development Authority Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Insurance Regulatory and Development Authority Act 14, section 14 Insurance Regulatory and Development Authority Act, section 14 of the Insurance Regulatory and Development Authority Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 3 reported judgments on this section are set out on this page, beginning with Microtex India Ltd. v. Insurance Regulatory and Development Authority (02 Jan 2014).
What should I read with Section 14 of the Insurance Regulatory and Development Authority Act, and has it changed?
Its own text turns on Insurance Act 102 (Penalty for default in complying with, or act in contravention of this Act), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When did Section 14 of the Insurance Regulatory and Development Authority Act come into force?
Section 14 of the Insurance Regulatory and Development Authority Act, cited as Insurance Regulatory and Development Authority Act 14, came into force on 19 Apr 2000, having been enacted on 29 Dec 1999. It is in force as at the date shown on this page.
Other sections of this Act
- 19. Power of Central Government to supersede Authority424 words
- 26. Power to make regulations348 words
- 14D. Disclosure of information prohibited261 words
- 13. Transfer of assets, liabilities, etc., of Interim Insurance Regulatory Authority244 words
- 16. Constitution of Fund240 words
- 17. Accounts and audit223 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 14 Oct 2026. This page is not a substitute for legal advice.