Section 24D
Penalties.
The Life Insurance Corporation Act, 1956
About this Act
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
1[24D. Penalties.—If the Chief Executive or the Managing Director in charge of finance or the head of
the finance function of the Corporation or any other person of the Corporation charged by the Board with
the duty of complying with the provisions of section 24A or section 24B or section 24C contravenes any
of the said provisions, such Chief Executive or Managing Director or head of finance function or other
person shall, for each section whose provisions have been contravened, be liable to pay penalty of a sum
which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.]
Notes
1. Subs.by Act 13 of 2021, s. 136, for section 24 (w.e.f. 30-6-2021).