Section 140: Offence

1) The following acts shall be deemed as offences committed under this Act:

(a) In case an Insurance business being operated without obtaining a license pursuant to Section 24,

(b) In case performing works as an insurance intermediary or other insurance service provider without obtaining a license pursuant to Section 90,

(c) In case an insurance claim is being paid by the insurer by committing fraudulent acts or preparing or not preparing fake statements or documents aligning or not aligning with an insurance intermediary or other insurance service provider or other parties,

(d) If an insurance claim was received by the insured by committing fraudulent acts or submitting or not submitting fake statements or documents aligning or not aligning with an insurance intermediary or other insurance service provider or other parties,

(e) In case of evaluating the loss, if any insurance surveyor performs an overestimate, underestimate or wrong evaluation selfishly or maliciously, causing the insurer or the insured to suffer loss or damage,

(f) If any insurance agent did not hand over the insurance premium payable by the insured to the insurer according to the insurance policy and misappropriated the amount,

(g) In case the employee, official or any person of the insurer commits any irregularities of financial misappropriation while issuing the insurance policy, assessing the loss of insured assets and liabilities, making payment of insurance claims or during the course of operation of insurance business,

(h) If any director, official, chief executive, employee or other person commits irregularities during the course of merger or amalgamation, acquisition, dissolution or auditing of insurance,

(i) If anyone attempted to commit offence from clause (a) to (h) or assisted to commit such offences in any way.

2) If any official or employee of foreign insurer, except in the course of regular transactions  of the branch office, transfers any property of the branch office to another country without obtaining
the approval from the Authority or obtain the approval by submitting fake statements, provide authority or power to do so or perform any act to assist or make to assist that work which shall
be deemed as an offence committed pursuant to this Act.