Any person who––

   (a)  receives, or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy of such insurance; or

   (b)  makes, executes or delivers out any policy which is not duly stamped, or pays or allows in account, or agrees to pay or allow in account, any money upon, or in respect of, any such policy;

shall be punishable with fine which may extend to two hundred rupees.

STATE AMENDMENT

Arunachal Pradesh

   Amendment of sections 66,-In section 66, in clause (b), for the words “two hundred rupees”, the words “five hundred rupees” shall be substituted.

[Vide Arunachal Pradesh 3 of 2010, s. 2]