Section 102. Penalty for default in complying with, or act in contravention of this Act.

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].