Section 26 — Power to make regulations.

1 [(1) The Authority may, in consultation with the Insurance Advisory Committee, by notification make regulations consistent with the provisions of this Act and the rules made thereunder, to carry out the purposes of this Act and while making the regulations shall ensure transparency by--- (a) publishing draft regulations along with such other details as may be specified on its website and inviting public comments for a specified period prior to issuing such regulations; (b) publishing a general statement of its response to the public comments, not later than the date of notification of the regulations; and (c) periodically reviewing such regulations: Provided that if the Authority is of the opinion that certain regulations are required to be made or existing regulations to be amended urgently in the public interest or the subject matter of the regulation relates solely to the internal functioning of the Authority, it may dispense with the condition of publishing draft regulations and record the reason for doing so: Provided further that if the Authority decides to approve regulations in a form substantially different from the proposed regulations other than changes made in consideration of comments received by it, it shall repeat the process mentioned in this sub-section.] (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 time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section ( 1 ) of section 10; (b) the transaction of business at its meetings under sub-section ( 4 ) of section 10; (c) the terms and other conditions of service of officers and other employees of the Authority under sub-section ( 2 ) of section 12; (d) the powers and functions which may be delegated to committees of the members under sub-section ( 2 ) of section 23; and (e) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations.

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