Section 2CB
Properties in India not to be insured with foreign insurers except with the permission of Authority.
About this Act
An Act to consolidate and amend the law relating to the business of insurance.
1[2CB. Properties in India not to be insured with foreign insurers except with the permission of
Authority. --(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 Authority.
(2) If any person contravenes the provision of sub-section (1), he shall be liable to a penalty which may extend to five crore rupees.]
(2) If any person contravenes the provision of sub-section (1), he shall be liable to a penalty which may extend to five crore rupees.]
Notes
1. Ins. by Act 5 of 2015, s. 4, (w.e.f. 26-12-2014).