LexSection 103 — Penalty for carrying on insurance business in contravention of sections 3.
The Insurance Act, 1938
1 [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.]Open in Lexace · Ask the AI about this section