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 there under.- (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. | 
