General Insurance Business (Nationalisation) Act : Penalty for withholding property, etc. Indian Bare

General Insurance Business (Nationalisation) Act,1972

Act No : 57

Section : Penalty for withholding property, etc.

30. Penalty for withholding property, etc. If any person wilfully withholds or fails to deliver to an Indian insurance company as required by section 29 any property or any books, documents or other papers which may be in his possession or unlawfully retains possession of any property of an existing insurer which has been transferred to and vested in an Indian insurance company under section 5 or wilfully applies any such 222 property to purposes other than those expressed in or authorised by this Act, he shall, on the complaint of the Indian insurance company, be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both.