Section 103:
Penalty for carrying on insurance business in contravention of sections 3.
1[103. Penalty for carrying on insurance business in contravention of section 3.--If a person
carries on the business of insurance without obtaining a certificate of registration under section 3, he shall
be liable to a penalty not exceeding rupees twenty-five crores and with imprisonment which may extend
to ten years.]
Notes:
1. Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014).