law: 8[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 Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002).
  2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "The Central Government" (w.e.f. 19-4-2000).
  3. Subs. by s. 30 and the First Schedule, ibid., for "prescribed" (w.e.f. 19-4-2000).
  4. Ins. by Act 62 of 1968, s. 33 (w.e.f. 1-6-1969).
  5. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
  6. Subs. by s. 30 and the First Schedule, ibid., for sections 102 to 105 (w.e.f. 19-4-2000).
  7. Subs. by Act 5 of 2015, s. 87, for "not exceeding five lakh rupees for each such failure and punishable with fine"
  (w.e.f. 26-12-2014).
  8. Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014).