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Section 138
8 Fineable

(1) Failure to prepare details or reports or documents to be prepared in accordance with this Act or the rules, regulations or instructions issued under this Act, not to provide information to be provided or not to submit documents and details to be submitted within the specified time, or when regulating, inspecting or monitoring the Authority. Or the insurer, insurance intermediary or other insurance service provider who does not provide the documents, details, statistics or records requested by any officer appointed by the authority for that purpose within the specified period, the authority may fine the following in addition to the other punishments mentioned in this act:-
(a) Twenty-five thousand rupees per day in case of insurers and two thousand rupees per day in case of insurance intermediaries and other insurance service providers, up to one week after expiry,
(b) fifty thousand rupees per day in case of insurer and five thousand rupees per day in case of insurance intermediaries and other insurance service providers for two weeks after expiry,
(c) One lakh rupees per day in the case of insurers and ten thousand rupees per day in the case of insurance intermediaries and other insurance service providers at any time after exceeding the period of clause (b).
(2) If the insurer does not assess the loss within the specified time, the authority may fine the insurer as follows:- (a) Five thousand rupees per day for up to one week beyond the deadline,
(b) Ten thousand rupees per day for up to two weeks of overdue period.
(c) at any time after the expiry of the period referred to in clause (b), twenty-five thousand .supaiyan daily,
(3) If the insurer does not determine the liability for the claim within the specified period or if the liability is determined in such a way that the liability is not fulfilled within the specified time, the authority may impose a fine from two lakh rupees to twenty lakh rupees depending on the nature and seriousness of the matter.
(4) This Act or the rules, regulations or instructions or orders made under this Act. On the contrary, if the insurer does any act or does not follow the instructions or orders issued by the authority, or does insurance business without submitting the form according to this act, or prepares a false statement, the authority may impose the following fines.:-
(a) Rupees two lakhs for the first time,
(b) Rupees twenty-five lakhs for the second time,
(c) for the third time or more, fifty lakh rupees at once.
(5) If the insurer does not submit the compliance report, the authority may impose a fine of one lakh rupees to three lakh rupees. (6) If the insurance intermediary does any act contrary to this Act or the rules, regulations or guidelines made under this Act, or if he does any act related to insurance without submitting the letter as per this Act, or if he prepares a false statement, the authority may impose the following penalties:-
(a) Five thousand rupees for the first time,
(b) Twenty-five thousand rupees for the second time,
(c) fifty thousand rupees at once for the third time or more
(7) If the insurer does not conduct the audit within the period required to be audited according to section 87, the authority may fine such insurer as follows:-
(a) Fifty thousand rupees for the first one week,
(b) one lakh rupees for one week to more than one month,
(c) Five lakh rupees for one month to more than three months,
(d) Three: Ten lakhs of rupees for any period not exceeding three months.
(d) In accordance with sub-section (2) of section 128 or sub-section (3) of section 129, if the insurer, director, officer, employee or insurance intermediary or other insurance service provider is asked to submit a reply, if the reply is not submitted within the time limit, the authority may impose the following penalty:- (a) One lakh rupees to the insurer,
(b) Director, officer, employee, insurance intermediary or other insurance service provider of the insurer: Five thousand rupees to the provider.
(9) If the insurance surveyor submits the damage assessment report late than the specified time, the authority may fine such surveyor as follows:-
(a) Two thousand rupees for up to one week after the expiry of the term,
(b) Five thousand rupees for up to two years after the expiry of the period,
(c) ten thousand rupees for up to one month after the expiry of the term,
(d) Term/ ExpiryTwenty five thousand rupees for any period after one month.
(10) In the course of investigation or investigation on the complaint of someone or during the regulation, inspection or monitoring by the authority, any insurance surveyor has wrongly assessed the damage and submitted a report: If it is found that the authority has first issued a warning or a fine of fifty thousand rupees or both, and the same If the work is repeated, his license will be revoked and he will be fined Rs. (11) Regardless of what is written in the prevailing law, if someone is found to have kept or hidden the property earned by doing the act punishable under this section, in the name of himself, his immediate family, relative or any other person, to confiscate the same and the property that has increased from it, in writing to the relevant agency. will be sent and it will be the duty of the said agency to do so accordingly.
(12) The party who is not satisfied with the punishment given by the Authority in accordance with this section may appeal before the concerned High Court within thirty five days of receiving the punishment.