LawgistThe Insurance Act
40BLimitation of expenses of management in life insurance business
1[40B. Limitation of expenses of management in life insurance business. --No insurer shall, in respect of insurance business transacted by him in India, spend as expenses of management in any financial year any amount exceeding the amount as may be specified by the regulations made under this Act;]
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1. Subs. by Act 5 of 2015, s. 47, for sections 40B and 40C (w.e.f. 26-12-2014).
COMMISSION AND REBATES AND LICENSING OF AGENTS
- 40 Prohibition of payment by way of commission or otherwise for procuring business
- 40A [Omitted.]
- 40B Limitation of expenses of management in life insurance business
- 40C Limitation of expenses of management in general insurance business
- 41 Prohibition of rebates
- 42 Appointment of insurance agents
- 42A Prohibition of insurance business through principal agent, special agent and multilevel marketing
- 42D Issue of registration to intermediary or insurance intermediary
- 42E Commission, brokerage or fee payable to intermediary or insurance intermediary
- 43 Register of insurance agents
- 44 [Omitted.]
- 44A Power to call for information
