Section 27, Insurance Regulatory and Development Authority Act, 1999 [S1Z-WJZ]

As at 6 September 2026. In force from 28 May 2001 by S.O. 1660(E) [N12-ASH].

In Insurance Regulatory and Development Authority Act, 1999 [A11-607]. This text from 28 May 2001. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 27, Insurance Regulatory and Development Authority Act, 1999 [S1Z-WJZ]. Machine: S1Z-WJZ.

27. Grant of licence.—(1) An application for a licence to undertake the holding of a policy shall be made to the Authority in Form IRDA-2, accompanied by a fee of one 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, Insurance Regulatory and Development Authority Act, 1999 [S1ZVSN] (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.

Made under this section, or naming it (0)

none

Cited by (1)

Section 26, Insurance Regulatory and Development Authority Act, 1999 [S1Z-WHS], 8 May 1999, Band A. "section 27".

Not held (0)

none

Duties published under this section (0)

none