105. Wrongfully obtaining or withholding property
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].
Amendment notes (1)
- Subs w.e.f. 26-12-2014 . Subs. by Act 5 of 2015, s. 89, for "not exceeding two lakh rupees for each such failure" (w.e.f. 26-12-2014).