General Insurance Business (Nationalisation) Act : Properties in India not to be insured with

General Insurance Business (Nationalisation) Act,1972

Act No : 57

Section : Properties in India not to be insured with foreign insurers exceptwith permission of Central Government.

25. Properties in India not to be insured with foreign insurers except with permission of Central Government. (1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Central Government. 220 (2) If any person contravenes any provision of sub-section (1), he shall 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.