Section 129: Regulations

129. Regulations (1) The Minister may make such regulations as he thinks fit for the purposes of this Act. (2) Any regulations made under this Act may— (a) provide for the taking of fees, and levying of charges; (b) provide that any person who contravenes them shall commit an offence, and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 2 years; (c) prescribe those services and activities ancillary to, or connected with, insurance business as not constituting insurance business; (d) prescribe the persons who may carry out certain services and activities ancillary to insurance business or to whom such services may be provided; (e) provide for the setting up of an arbitration panel to deal with disputes relating to claims on insurance contracts; (f) make such provision, not inconsistent with this Act, as may appear to the Minister necessary or expedient to remove any difficulty which arises in giving effect to the provisions of this Act; I15 – 75 [Issue 1] Insurance Act (g) provide for rules to be made by the Commission; (h) amend the Schedules other than the First Schedule.