(1)It shall be the duty of the Executive Committee of the Life Insurance Council to me et at least once before the 31 st day of March every year to advise theAuthority in fixing under the proviso to sub-section (2) of section 40B the limits by which the actual expenses incurred by an insurer carrying on life insurance business in respect of such business in the preceding year may exceed the limits prescribed under that sub-section, and in fixing any such limits theAuthority shall have due regard to the conditions obtaining in life insurance business generally during that year, and he may fix different groups of insurers.
