law: Insurance Regulatory and Development Authority Act, 1999
  13. Transfer of assets, liabilities, etc., of Interim
  
  Insurance Regulatory Authority
  On the appointed day,-
  (a) all the assets and liabilities of the Interim Insurance
  
  Regulatory Authority shall stand transferred to, and vested in, the Authority.
  Explanation: The assets of the
  
  Interim Insurance Regulatory Authority shall be deemed to include all rights
  
  and powers, and all properties, whether movables or immovable, including, in
  
  particular, cash balances, deposits and all other interests and rights in, or
  
  arising out of, such properties as may be in the possession of the Interim
  
  Insurance Regulatory Authority and all books of account and other documents
  
  relating to the same; and liabilities shall be deemed to include all debts,
  
  liabilities and obligations of whatever kind;
  (b) without prejudice to the provisions of clause (a), all
  
  debts, obligations and liabilities incurred, all contracts entered into and all
  
  matters and things engaged to be done by, with or for the Interim Insurance
  
  Regulatory Authority immediately before that day, for or in connection with the
  
  purpose of the said Regulatory Authority, shall be deemed to have been
  
  incurred, entered into or engaged to be done by, with or for, the Authority;
  (c) all sums of money due to the Interim Insurance Regulatory
  
  Authority immediately before that day shall be deemed to be due to the
  
  Authority; and
  (d) all suits and other legal proceedings instituted or which
  
  could have been instituted by or against the Interim Insurance Regulatory
  
  Authority immediately before that day may be continued or may be instituted by
  
  or against the Authority.