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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Liability of directors, etc., for loss due to contraventions of sections 27 and 29
30. If by reason of contravention of any of the provisions of section 27 or section 29, any loss is sustained by the insurer or by the policy-holders, every director, manager, officer or partner who is knowingly a party to such contravention shall, without prejudice to any other penalty to which he may be liable under this Act, be jointly and severally liable to make good the amount of such loss.

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