Section 2CB of The Insurance Act | Properties in India not to be insured with foreign insurers except with the permission of Authority

Here we will see Section 2CB of The Insurance Act.

2CB. Properties in India not to be insured with foreign insurers except with the permission of Authority.

(1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Authority.

Image Product Feature Price
TOP Pick
Madhubani-Art
WallMantra Madhubani Painting
  • Set of 8 Ethnic Painting
  • Traditional Madhubani Art Painting
  • Madhubani Painting for Living Room
Buy Now
Trending
WallMantra-madhubani-folk-art-drawing
WallMantra Indian Folk Art Madhubani
  • Madhubani Art Frame Set of 6
  • Madhubani Painting for Living Room
  • Madhubani Painting for Office
Buy Now
TOP Pick
Tamatina-Madhubani-Art-Canvas-Painting
Tamatina Madhubani Art Canvas Painting
  • Madhubani Art Painting
  • Size-13X10 Inches
  • Face of Tradition
Buy Now

(2) If any person contravenes the provision of subsection (1), he shall be liable to a penalty which may extend to five crore rupees.

About Author: I am Varun Kr. Jha, founder and author of this website. I am a passionate writer and researcher with a keen interest in law, technologies and gadgets. I strive to provide informative and engaging content that helps my readers learn and grow. I am always looking for new ways to share my knowledge and insights with others.

Leave a Reply

Your email address will not be published. Required fields are marked *

two + 3 =