Section 103Central Act
Section 103: Penalty for carrying on insurance business in contravention of sections 3.
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.]
1. Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014).
Previous
Sec 102 — Penalty for default in complying with, or act in contravention of this Act.
Next
Sec 104 — Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
Disclaimer: This section is reproduced for general informational and reference purposes only. Always verify against the latest official gazette and consult a qualified advocate before relying on any provision.