(1) If any Insurer or the Director of the Insurer, employee or * Surveyor, Broker or Insurance Agent knowingly violates this Act or the Rules  made under this Act or order or directives or does not perform any function to be performed or does any act not to be done, the Board may punish to such Insurer or  the Director, employee or *Surveyor, Broker or Insurance Agent with a fine ranging from three thousand rupees to ten thousand rupees. If such offense has been made frequently, he will be fined at the rate of extra five hundred rupees for each subsequent offense.
(2) If any *Insurer or Insurance Agent or Broker has made any Insurance Business without following the procedures to be followed pursuant to this Act, the Board may fine him up to ten thousand rupees.
(3) If the accounts, records, register, details, information or any other documents to be maintained, prepared, formed or submitted pursuant to this Act or
the Rules made under this Act has not maintained, prepared, formed or submitted in time by knowingly or with malafied intention or has maintained or submitted
the false details or documents by any-body, he may be punished with a fine up to thirty thousand rupees or imprisonment up to two years or with both.