Section 20, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1M-Z00]
As at 6 September 2026. In force from 1 December 1971.
20. Grant of licence.—(1) An application for a licence to undertake the assessment of loss shall be made to the Authority in Form IRDA-1, accompanied by a fee of fifty thousand rupees. (2) The Authority may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Authority may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (1)
Authority: Section 2, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1MYER] (In this Act, unless the context otherwise requires,—): "Authority" means the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)
Authority: 22 more definitions.
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