Section 102
Penalty for default in complying with, or act in contravention of this Act.
About this Act
An Act to consolidate and amend the law relating to the business of insurance.
1[102. Penalty for default in complying with, or act in contravention of, this Act. --If any person,
who is required under this Act, or rules or regulations made thereunder, --
(a) to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or
(b) to comply with the directions, fails to comply with such directions;
(c) to maintain solvency margin, fails to maintain such solvency margin;
(d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty 2[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].
(a) to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or
(b) to comply with the directions, fails to comply with such directions;
(c) to maintain solvency margin, fails to maintain such solvency margin;
(d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty 2[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].
Notes
1. Subs. by s. 30 and the First Schedule, ibid., for sections 102 to 105 (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 87, for "not exceeding five lakh rupees for each such failure and punishable with fine" (w.e.f. 26-12-2014).
2. Subs. by Act 5 of 2015, s. 87, for "not exceeding five lakh rupees for each such failure and punishable with fine" (w.e.f. 26-12-2014).