(2)No insurance agent shall be paid or contract to be paid by way of Commission or as remuneration in any form an amount exceeding, in the case of life insurance business, forty per cent, of the first year's premium payable on any policy or policies effected through him and five per cent, of a renewal premium, payable on such a policy, or, in the case of business of any other class, fifteen percent, of the premium:Provided that insurers, in respect of life insurance business only, may pay, during the first ten years of their business to their insurance agents fifty-five per cent of the first year's premium payable on any policy or policies effected through them and six per cent, of the renewal premiums payable on such policies:Provided further that nothing in this sub-section shall apply in respect of any policy of life insurance issued after the 31st day of December, 1950, or in respect of any policy of general insurance issued after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950).
