Section 160: Delegation of Authority

1) The Authority may delegate its authority received as per this Act or Rules framed under this act to the chairman, member and other committee or sub-committee formed by the Authority.

Provided that the following authorities shall not be delegated:

(a) To provide prior approval to establish an insurance company,

(b) To provide a license of insurer,

(c) To make restrictions in the insurance business,

(d) To revoke the license of the insurer,

(e) To constitute a special management team pursuant to Section 103,

(f) To issue By-laws or Directives.

2) The chairman may delegate authority received under this Act to other officials of the Authority to operate the Authority’s business uninterruptedly.