Section 24: Restriction on Insurance Business without license

1) No person shall without obtaining license as per this act, carry out or cause to do directly or indirectly, any insurance transactions, business with or without using the name like insurance, re-reinsurance or insurance fund.

2) No person shall use the words insurance, reinsurance, or insurance fund in the name of their firm or company while carrying out any insurance transactions or business or for any other purpose in contravention of sub-section (1).

3) No person shall operate or cause to operate any transaction relating to the insurance business with other person or corporate body other than the insurer licensed under this Act.