Section 66 of the Indian Stamp Act, 1899 – Penalty for not making out policy or making one not duly stamped

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Section 66: Penalty for not making out policy or making one not duly stamped

Any person who– (a) receives, 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.

Source: official text of The Indian Stamp Act, 1899 as published on India Code (PDF). All sections of the Indian Stamp Act, 1899.

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