Indian Stamp Act, 1899
66. Penalty, for not making out policy or making one not duly stamped
Any person who,-
(a) receives, or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy of such insurance or
(b) makes, executes or delivers out any policy which is not duly stamped, or pays or allows in account, or agrees to pay or allow in account, any money upon, or in respect of, any such policy,
shall be punishable with fine which may extend to two hundred rupees.