LawgistThe Insurance Act
52FPenalty for withholding documents or property from Administrator
If any director or officer of the insurer or any other person fails to deliver to the Administrator any books of account, registers or any other documents, in his custody relating to the business of the insurer the management of which has vested in the Administrator, or retains any property of such insurer he shall be 1[liable to penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh, whichever is less].]
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1. Subs. by s. 63, ibid., for "punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both" (w.e.f. 26-12-2014).
MANAGEMENT BY ADMINISTRATOR
- 52A When Administrator for management of insurance business may be appointed
- 52B Powers and duties of the Administrator
- 52BB Powers of Administrator respecting property liable to attachment under section 106
- 52C Cancellation of contracts and agreements
- 52D Termination of appointment of Administrator
- 52E Finality of decision appointing Administrator
- 52F Penalty for withholding documents or property from Administrator
- 52G Protection of action taken under sections 52A to 52D
