Question
IRDA has the power to frame the regulations under
section ___of the Insurance Act. 1938. ÂSolution
IRDAI frames regulations for insurance industry in terms of Section 114A of the Insurance Act 1938. Section 114A gives the power to IRDA to make regulations consistent with the Insurance Act and to carry out the purpose of the Act. The section 114 gives power to the Central government to make rules under this Act while Section 112 of Insurance act allows insurer carrying on the business of life insurance to declare an interim bonus or bonuses to policy ‑ holders.
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