General Insurance Business (Nationalisation) Act, 1972 · Chapter VII: Miscellaneous
Section 31A: Liability of director of specified insurer
A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently.
Explanation.—For the purposes of this section, the reference to board shall include committees of the board.]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 31A
No Supreme Court judgment in our database cites this section yet.