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6[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 7[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].

Insurance Act, 1938 Back

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