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[Cites 0, Cited by 1] [Section 34B] [Entire Act]

Union of India - Subsection

Section 34B(4) in The Insurance Act, 1938

(4)If any person in respect of whom an order is made by the Authority under sub-section (1) or under the proviso to sub-section (2), contravenes the provisions of this section, he shall be liable to a penalty of one lakh rupees for each day during which such contravention continues or one crore rupees, whichever is less.