LawgistThe Insurance Act
105Wrongfully 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 1[not exceeding one crore rupees].
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1. Subs. by Act 5 of 2015, s. 89, for "not exceeding two lakh rupees for each such failure" (w.e.f. 26-12-2014).
MISCELLANEOUS
- 102 Penalty for default in complying with, or act in contravention of this Act
- 103 Penalty for carrying on insurance business in contravention of sections 3
- 104 Penalty for contravention of sections 27, 27A, 27B, 27D and 27E
- 105 Wrongfully obtaining or withholding property
- 105A Offences by companies
- 105B Penalty for failure to comply with sections 32B, 32C and 32D
- 105C Power to adjudicate
- 105D Factors to be taken into account by the adjudicating officer
- 106 Power of Court to order restoration of property of insurer or compensation in certain cases
- 106A Notice to and hearing of Authority
- 107 [Omitted.]
- 107A Chairman, etc., to be public servants
- 108 Power of Court to grant relief
- 109 Cognizance of offences
- 110 Appeal to Securities Appellate Tribunal
- 110A Delegation of powers and duties of Chairperson of the Authority
- 110B Signature of documents
- 110C Power to call for information
- 110D Certain claims for compensation barred
- 110E [Omitted.]
- 110F Provisions applicable to state Governments, etc
- 110G [Omitted.]
- 110H [Omitted.]
- 110HA Penalty to be recoverable as arrear of land revenue
- 111 Service of notices
- 112 Declaration of interium bonuses
- 113 Acquisition of surrender value by policy
- 114 Power of Central Government to make rules
- 114A Power of Authority to make regulations
- 115 Alteration of forms
- 116 Power to exempt from certain requirements
- 116A Summary of returns to be published
- 117 Saving of provisions of Indian Companies Act, 191
- 118 Exemption
- 119 Inspection and supply of copies of published prospectus, etc
- 120 Determination of market value of securities deposited under this Act
- 121 Repealed
- 122 Repealed
- 123 Repealed
