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SHORT ANSWER: The Insurance Act, 1938 outlines penalties for noncompliance with insurance regulations. DETAILS: - Noncompliance can lead to penalties such as fines or imprisonment. - The Insurance Regulatory and Development Authority of India (IRDAI) oversees compliance and enforcement. PUNISHMENT / IMPLICATIONS (if applicable): - Fines can range from ₹1 lakh to ₹25 lakh depending on the violation. - Imprisonment can be up to 3 years for serious offenses. SOURCE: - Insurance Act, 1938 / IRDAI
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