90. Offence of carrying on or commencing any insurance business without registration or of carrying on any class of insurance business not authorized

Any company which—

carries on insurance business, or commences any insurance business, without being duly registered under this Act ; or

carries on any type of insurance business which it is not authorized to carry on under a licence issued under section 15 of this Act, shall be guilty of an offence and shall, on conviction after summary trial before a Magistrate, be liable to a fine not less than fifty thousand rupees or to imprisonment of either description for a term not less than one year or to both such fine and imprisonment.