31A. Liability of director of specified insurer
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.
Amendment notes (1)
- Ins w.e.f. 27-8-2021 Ins. by Act 37 of 2021, s. 6 (w.e.f. 27-8-2021).