103. Penalty for carrying on insurance business in contravention of sections 3
[103. Penalty for carrying on insurance business in contravention of section 3.—If a person carries on the business of insurance without obtaining a certificate of registration under section 3, he shall be liable to a penalty not exceeding rupees twenty-five crores and with imprisonment which may extend to ten years.]
Amendment notes (1)
- Subs w.e.f. 26-12-2014 . Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014).