114A. Power of Authority to make regulations.- (1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made there under, to carry out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:- (a). the matters including fee relating to the registration of insurers under section3; (b). the manner of suspension or cancellation of registration under sub-section (5E) of section3; (c). such fee, not exceeding five thousand rupees as may be determined by the regulations for issue of a duplicate certificate of registration under sub-section (7) of section 3; (d). the matters relating to he renewal of registration and fee there for under section 3A; (e). the manner and procedure for divesting excess share capital under sub-section 2 section 6AA; (f). the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account under sub-section (1A) of section 11. (g). the manner in which abstract of the report of the actuary to be specified under the fourth proviso to sub-section (1) of section 13; (h). the form and manner in which the statement referred to in sub-section(4) of section 13 shall be appended; (i). the time, the manner and other conditions of investment of assets held by an insurer under sub-sections (1), (1A) and (2) of section 27D; (j). the minimum information to be maintained by insurer in their books, the manner in which such information should be maintained, the checks and other verifications to be adopted by insurers in that connection and all other matters incidental thereto under sub-section (8) of section 33; (k). the manner for making an application, the manner and the fee for issue of a licence to act as an insurance agent, under sub-section (1) of section, 42; (l). the fee and the additional fee to be determined for renewal of licence of insurance agent under sub-section (3) of section 42; (m). the requisite qualifications and practical training to act as an insurance agent under clause (e) of sub-section (4) of section 42; (n). the passing of examination to act as an insurance agent under clause (f) of sub-section (4) of section 42; (o). the code of conduct under clause (g) of sub-section (4) of section 42; (p). the fee not exceeding rupees fifty for issue of duplicate licence under sub-section (6) of section 42; (q). the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section of section 42; (r). the fee and the additional fee to be determined for renewal of licence of intermediaries or insurance intermediaries under sub-section (3) of section 42D; (s). the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; (t). the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; (u). the code of conduct clause (g) of sub-section (5) of section 42 D; (v). the fee for issue of duplicate licence under sub-section (7) of section 42D; (w). such matters as specified under sub-section (2) of section 64UB relating to the Tariff Advisory Committee. (x). The matters relating to relating to licensing of surveyors and loss assessors, their duties, responsibilities and other professional requirements under section 64UM; (y). Such other asset or assets as may be specified under clause (h) of sub-section (1) of section 64V for the purposes of ascertaining sufficiency of assets under section 64VA; (z). the valuation of assets and liabilities under sub-section (3) of section 64V; (za) the matters specified under sub-section (1A) of section 64VA relating to sufficiency of assets; (zb) the matters relating to reinsurance under sections 101A and 101B; (zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and (zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations; (3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both houses agree that the regulations should not be made, the regulations shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation. | 
