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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).