Section 42E in The Insurance (Amendment) Act, 2002
42E. Commission, brokerage or fee payable to intermediary or insurance intermediary.-
(1)No intermediary or insurance intermediary shall be paid or contract to be paid by way of commission, fee or as remuneration in any form, an amount exceeding thirty er cent. of the premium payable as may be specified by the regulations made by the Authority, in respect of any policy or policies effected through him:Provided that the Authority may specify different amounts payable by way of commission, fee or as remuneration to an intermediary or insurance intermediary or different classes of business of insurance.(2)Without prejudice to the provisions contained in this Act, the Authority may, by the regulations made in this behalf, specify the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary.".
