Section 102: Penalty for default in complying with, or act in contravention of this Act.
The Insurance Act, 1938Central Act · Act 4 of 1938
[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].
Penalty for default in complying with, or act in contravention of this Act.
Jurisdiction
Central
Status
In force as published by the source
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
substituted. . Subs. by s. 30 and the First Schedule, ibid., for sections 102 to 105 (w.e.f. 19-4-2000).
substituted, Act 5 of 2015. . 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).
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
Search 49,000+ Central and State enactments by what a provision says, not by its number
Jump from any section to every judgment that has applied it
Search 300 million+ Indian court records alongside the statute
Ask a research agent to find and read the case law on a provision for you
