Question
What is the time period for which there is a bar on the
future employment of members as per the IRDA Act, 1999?Solution
Section 8 Bar on future employment of members - The Chairperson and the whole-time members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept- (a) any employment either under the Central Government or under any State Government; or (b) any appointment in any company in the insurance sector.
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The decision to cut the prices were taken after a fortnightly review meeting of the oil companies.