Insurance Act, 1938 · Chapter II: Provisions Applicable to Insurers · Commission and rebates and licensing of agents
Section 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;]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 40B
No Supreme Court judgment in our database cites this section yet.