Insurance Act, 1938 · Chapter V: Miscellaneous
Section 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].
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 102
No Supreme Court judgment in our database cites this section yet.