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