(1) If any insurer or director, employee or surveyor, broker or insurance agent of any insurer knowingly violates this Act or the rules or orders or instructions made under this Act or fails to do any work he is supposed to do or does any work he should not do, such insurer or director , employee or surveyor, broker or insurance agent may be fined by the committee from three thousand to ten thousand rupees and if such offense is committed repeatedly, he will be fined at the rate of five hundred rupees for each time. The committee may impose a fine of up to 10,000 rupees if the insurance business is not submitted. (3) Any person knowingly or maliciously keeps, makes, prepares or submits accounts, books, accounts, detailed notices or other accounts required to be kept, made, prepared or submitted in accordance with this Act or the rules made under this Act. If a document is not kept, made, prepared or submitted at the time it should be kept, if it is not made, if it is not prepared, if it is not submitted or if it makes or submits a false statement or document, then he may be punished with a fine of up to thirty thousand rupees or imprisonment for a term of two years or both.