40B. Limitation of expenses of management in life insurance business
[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;]
Amendment notes (1)
- Subs w.e.f. 26-12-2014 . Subs. by Act 5 of 2015, s. 47, for sections 40B and 40C (w.e.f. 26-12-2014).