Section 16 in The Insurance Regulatory and Development Authority Act, 1999
16. Constitution of Fund.—
(1)There shall be constituted a fund to be called “the Insurance Regulatory and Development Authority Fund” and there shall be credited thereto—(a)all Government grants, fees and charges received by the Authority;(b)all sums received by the Authority from such other source as may be decided upon by the Central Government;(c)***(2)The Fund shall be applied for meeting—(a)the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;(b)the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.
