Section 42. For sections 102 to 105, substitute the following:

"102. Penalty for default in complying with, or act in contravention of, this Act 42. For sections 102 to 105, substitute the following: — "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 not exceeding five lakh rupees for each such failure and punishable with fine.