102. (1) Except as otherwise provided in this Act, any insurer who makes default in complying with or acts in contravention of any requirement of this Act, and, where the insurer is a company, any director, managing agent, manager or other officer of the company, or where the insurer is a firm, any partner of the firm who is knowingly a party to the default, shall be punishable with fine which may extend to ¹[one lakh Taka and not less than fifty thousand Taka] and, in the case of a continuing default, with an additional fine which may extend to ²[ten thousand Taka] for every day during which the default continues. (2) Any provident society as defined in Part III which makes default in complying with or acts in contravention of any of the requirements of this Act and any director, managingagent, manager, secretary or other officer of the society who is knowingly a party to the default or contravention, shall be punishable with fine which may extend to ³[five thousand Taka] or, in the case of a continuing default or contravention with fine which may extend to ⁴[five hundred Taka] for every day during which the default or contravention continues.