Section 31A: Liability of director of specified insurer.

The General Insurance Business (Nationalisation) Act, 1972Central Act · Act 57 of 1972

[31A. Liability of director of specified insurer.--A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently.

Explanation.--For the purposes of this section, the reference to board shall include committees of the board.]

Where this provision sits

Act	The General Insurance Business (Nationalisation) Act, 1972
Section	31A
Marginal note	Liability of director of specified insurer.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act 37 of 2021. Ins. by Act 37 of 2021, s. 6 (w.e.f. 27-8-2021).

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