Insurance Regulatory And Development Authority Act, 1999

Power of Central Government to supersede Authority.

19. (1) If at any time the Central Government is of the opinion-

(a)	-	that, on account of circumstances beyond the control of the Authority, it is unable to discharge the functions or perform the duties imposed on it by or under the provisions of this Act, or
(b)	-	that the Authority has persistently defaulted in complying with any direction given by the Central Government under this Act or in the discharge of the functions or performance of the duties imposed on it by or under the provisions of this Act and as a result of such default the financial position of the Authority or the administration of the Authority has suffered; or
(c)	-	that circumstances exist which render it necessary in the public interest so to do,

the Central Government may, be notification and for reasons to be specified therein, supersede the Authority for such period, not exceeding six months, as may be specified in the notification and appoint a person to be the Controller of Insurance under section 2B of the Insurance .... To read the full section download the app from Google Play store