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[Section Index]

The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Penalty for transacting insurance business in contravention of sections 3, 7 and 9
103. (1) Any insurer or any person acting on behalf of an insurer, who carries on any class of insurance business in contravention of any of the provisions of section 3, section 7, or section 98, or does any one or more of the acts constituting the business of insurance in relation to any insurance business carried on in contravention of any of the said sections shall be punishable with fine which may extend to 1[ten thousand Taka].
 
 
 
 
(2) Any person knowingly taking out a policy of insurance with any insurer or person guilty of an offence under sub-section (1) shall be punishable with fine which may extend to 2[five thousand Taka]:
 
 
 
 
Provided that nothing in sub-section (1) or sub-section (2) shall apply to the business of re-insurance between the head office of an insurer in Bangladesh and the head office of an insurer not having an office in Bangladesh.
 
 
 
 
(3) Any provident society or any person acting on behalf of a provident society who carries on any class of insurance business in contravention of any of the provisions of section 70, section 73 or section 83 or does any one or more of the acts constituting the business of insurance in relation to any insurance business carried on in contravention of any of the said sections shall be punishable with fine which may extend to one thousand Taka.

  • 1
    The words “ten thousand Taka” were substituted for the words “two thousand Taka” by section 14 of the Insurance (Amendment) Ordinance, 1984 (Ordinance No. L of 1984)
  • 2
    The words “five thousand Taka” were substituted for the words “five hundred Taka” by section 14 of the Insurance (Amendment) Ordinance, 1984 (Ordinance No. L of 1984)
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