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Section102
The Insurance Act, 1938

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

In force From 01 Jul 1939 Act 4 of 1938 As on 15 Oct 2026

Act 4 of 1938 Ministry Finance Enacted 26 Feb 1938 In force 01 Jul 1939 Cited by 2 provisions Instruments 2

Section 102 of the Insurance Act, 1938 deals with 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; The Act came into force on 01 Jul 1939.

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].

Section 102, The Insurance Act, 1938 (Act 4 of 1938).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 2

  1. s. 40 Prohibition of payment by way of commission or otherwise for procuring business
  2. Insurance Regulatory and Development Authority Act s. 14 Duties, powers and functions of Authority

Made under this section, and citing it

2 instruments name this provision in its title or its text without being made under it.

All subordinate legislation

Questions about Section 102

What does Section 102 of the Insurance Act deal with?

Section 102 of the Insurance Act is headed "Penalty for default in complying with, or act in contravention of this Act". [102. Penalty for default in complying with, or act in contravention of, this Act.

How do I find court cases under Section 102 of the Insurance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Insurance Act 1938 102, section 102 Insurance Act 1938, section 102 of the Insurance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 102 of the Insurance Act, and has it changed?

2 other provisions in this corpus refer back to it. 2 instruments name it without being made under it, most recently Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023 (2023), then Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023 (2023).

When did Section 102 of the Insurance Act come into force?

Section 102 of the Insurance Act, cited as Insurance Act 1938 102, came into force on 01 Jul 1939, having been enacted on 26 Feb 1938. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.