Section 3   [ View Judgements ]

Obligations of existing insurers

(1) The obligations of existing insurers as on the date of commencement of Insurance Regulatory and Development Authority Act, 1999 shall be decided by the Authority after consultation with them and the quantum of insurance business to be done shall not be less than what has been recorded by them for the accounting year ended 31st March, 2000.

(2) The Authority shall review such quantum of insurance business periodically and give directions to the insurers for achieving the specified targets.

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