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CMA Final · Corporate and Economic Laws · Laws and Regulations related to Insurance Sector

Section 28 of the IRDA Act, 1999 provides that the Act's provisions are to operate in which manner relative to other laws in force?

The Act's provisions are in addition to, and not in derogation of, any other law for the time being in force. Section 28 therefore does not give the IRDA Act overriding effect or make it subordinate to another statute; it operates alongside other laws.

  1. AThey override all other laws to the extent of any inconsistency
  2. BThey apply only if no other law covers the matter
  3. CThey are in addition to, and not in derogation of, any other law for the time being in forceCorrect
  4. DThey are subordinate to the Companies Act, 2013 only

Explanation

Section 28 says the provisions of the Act are in addition to, and not in derogation of, any other law for the time being in force. It does not give the Act overriding effect or make it subordinate to a particular statute.

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