¹[40A. (1) No person shall pay or contract to pay an insurance agent, and no insurance agent shall receive or contract to receive by way of commission or remuneration in any form in respect of any policy of life insurance issued in Bangladesh by an insurer after the commencement of the Insurance (Amendment) Ordinance, 1970, and effected through an insurance agent, an amount exceeding such maximum percentage or below such minimum percentage as may be prescribed: Provided that in prescribing such percentages regard shall be had to - (a) the type of the life insurance business; (b) the term of the policy; (c) the amount of business procured by the agent during a calendar year; (d) the number of policies lapsing from out of the business procured by the agent; (e) the age of the insurer; and (f) whether or not the agent has successfully completed a course of training.] ²[(2) No person shall pay or contract to pay to an insurance agent, and no insurance agent shall receive or contract to receive by way of commission or remuneration in any form, in respect of any policy of general insurance issued in Bangladesh by an insurer and effected through an insurance agent an amount exceeding- (a) where the policy relates to fire or miscellaneous insurance, fifteen per cent of the premium payable on the policy; and (b) where the policy relates to marine insurance, ten per cent of the premium payable on the policy: Provided that a further amount not exceeding five per cent of the premium payable on the policy may be paid to an insurance agent who procures a yearly business yielding a premium income of not less than thirty thousand Taka and satisfies such other conditions as may be prescribed. (3) No person shall pay or contract to pay to any employer of agents and no employer of agents shall receive or contract to receive, by way of commission, over-riding commission or any other remuneration in any form, in respect of any policy of general insurance issued by an insurer in Bangladesh, and effected through an employer of agents, an amount exceeding- (a) in the case referred to in clause (a) of sub-section (2), fifteen per cent of the premium payable on the policy; and (b) in the case referred to in clause (b) of sub-section (2), ten per cent of the premium payable on the policy, inclusive of any commission payable to any insurance agent in respect of the said policy: Provided that a further amount not exceeding five per cent of the premium payable on a policy may be paid to an employer of agents who procures a yearly business yielding a premium income of not less than one lakh Taka and satisfies such other conditions as may be prescribed: Provided further that the Government may, in such circumstances and to such extent and for such period as may be specified, authorise the payment of commission or remuneration exceeding the limits specified in this sub-section to an employer of agents acting on behalf of an insurer incorporated or domiciled elsewhere than in Bangladesh if such employer of agents carries out and has continuously carried out in his own office duties on behalf of the insurer which would otherwise have been performed by the insurer.] ³[(3A) No person shall pay or contract to pay any employer of agents, and no employer of agents shall receive or contract to receive, by way of commission, over-riding commission or any other remuneration in any form, in respect of any life insurance policy issued by an insurer in Bangladesh after the commencement of the Insurance (Amendment) Ordinance, 1970, and effected through an employer of agents, an amount exceeding such maximum percentage or below such minimum percentage as may be prescribed: Provided that in prescribing such percentages regard shall be had to- (a) the type of the life insurance business; (b) the term of the policy; (c) the amount of business procured by the employer of agents during a calendar year; (d) the number of policies lapsing from out of the business procured by the employer of agents; (e) the age of the insurer; (f) the number of successful insurance agents selected by him in a calendar year; (g) the number of employers of agents intervening between the insurer and the insurance agents; and (h) whether or not the employer of agents has undergone successfully a course of training. (3B) No insurer shall pay over-riding commission to more than two employers of agents intervening between him and the insurance agents. (3C) Where an employer of agents also works as an agent, the insurer may, subject to any rules made in this behalf, pay over-riding commission to him in respect of business procured by him as an insurance agent: Provided that the insurer shall not pay over-riding commission to an employer of agents on the business procured by him as an insurance agent if such business exceeds such percentages as may be prescribed.] (4) No insurer shall pay or contract to pay outside Bangladesh to any person any commission in any form in respect of the insurance business transacted by such person in Bangladesh and no insurer shall receive or contract to receive outside Bangladesh from any person any commission in any form in respect of any business reinsured abroad. (5) Without prejudice to the provisions of section 102 in respect of a contravention of any of the provisions of the preceding sub-section by an insurer, an insurance agent or employer of agents who contravenes any of the provisions of sub-sections (1) ⁴[, (2), (3)] or (4) shall be punishable with fine which may extend to one thousand Taka. (6) An insurer incorporated outside Bangladesh who receives or contracts to receive any commission in respect of any business transacted in Bangladesh and reinsured abroad shall not be deemed to have contravened the provisions of sub-section (4) if all amounts received by him outside Bangladesh in this respect have been fully credited to the Bangladesh revenue account.