If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty [not exceeding one crore rupees].
Section 105: Wrongfully obtaining or withholding property.
The Insurance Act, 1938Central Act · Act 4 of 1938
Where this provision sits
| Act | The Insurance Act, 1938 |
|---|---|
| Section | 105 |
| Marginal note | Wrongfully obtaining or withholding property. |
| 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.
- substituted, Act 5 of 2015. . Subs. by Act 5 of 2015, s. 89, for "not exceeding two lakh rupees for each such failure" (w.e.f. 26-12-2014).
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