Section 40A. [

40A. [ Limitation of expenditure on commission .] — Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015 ) , s. 46 ( w.e.f. 26-12-2014)]. 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;