Section 104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E

PART V MISCELLANEOUS 6 — [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[7] [of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less]. 8 [103. Penalty for carrying on insurance business in contravention of section 3.— If a person carries on the business of insurance without obtaining a certificate of registration under section 3, he shall 1. Subs. by Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002). 2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "The Central Government" (w.e.f. 19-4-2000). 3. Subs. by s. 30 and the First Schedule, ibid ., for "prescribed" (w.e.f. 19-4-2000). 4. Ins. by Act 62 of 1968, s. 33 (w.e.f. 1-6-1969). 5. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). 6. Subs. by s. 30 and the First Schedule, ibid ., for sections 102 to 105 (w.e.f. 19-4-2000). 7. 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). 8. Subs. by s. 88, ibid ., for sections 103 and 104 (w.e.f. 26-12-2014). be liable to a penalty not exceeding rupees twenty-five crores and with imprisonment which may extend to ten years. 104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E. — If a person fails to comply with the provisions of section 27, section 27A, section 27B, section 27D and section 27E, he shall be liable to a penalty not exceeding twenty-five crore rupees.] — 105. Wrongfully obtaining or withholding property. If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty[1] [not exceeding one crore rupees].