Section 47: For sections 40B and 40C of the Insurance Act, the following sections shall be substituted, namely

Insurance Laws (Amendment) Ordinance 2014Central Ordinance · No. 4 of 1938

Omission of section 40A.

Substitution of new sections for sections 40B and 40C.

"40B. No insurer shall, in respect of insurance business Limitation of transacted by him in India, spend as expenses of management }f t_3^ n s c s o any financial year any amount exceeding the amount as may be ijfe insurance specified by the regulations made under this Act; business.

40C. Every insurer transacting insurance business in India shall furnish to the Authority, the details of expenses of management in such manner and form as may be specified by the regulations made under this Act.".

Where this provision sits

Act	Insurance Laws (Amendment) Ordinance 2014
Section	47
Marginal note	For sections 40B and 40C of the Insurance Act, the following sections shall be substituted, namely
Jurisdiction	Central
Status	In force as published by the source

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