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].
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).