In force · As amended up to 2026-08
105C. Penalty for failure to comply with section 32C .— If an insurer fails to comply with the provisions of section 32C, he shall be liable to a penalty not exceeding twenty-five lakh rupees for
each such failure and in the case of subsequent and continuing failure, the registration granted to such insurer under section 3 shall be cancelled by the Authority.".
Source: India Code