Amendment status not verified — confirm the current text below against the official source.
Penalty for not making out policy, or making one not duly stamped.— Any person who— (a) receive 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.