103. Penalty for carrying on insurance business in contravention of sections 3, 7 and 98.- If a person makes a statement, or furnishes any document, statement, account, return or report which is false and which he either knows or believes to be false or does not believe to be true,- (a) he shall be liable to a penalty not exceeding five lakh rupees for each such failure; and (b) he shall be punishable with imprisonment which may extend to three years or with fine for each such failure. | 
