Sri Lanka Consolidated Acts

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Control Of Insurance Act (No. 25 of 1962)


           Long Title

   1.	   Short title and date of operation  
   2.	   Exemption for registered trade unions and cooperative and other societies and the Insurance Corporation of Ceylon. Cap. 138. Cap. 123. Cap. 124  
   3.	   Exemption for certain other associations  
   4.	   Insurance business to be carried on only by-persons registered under this Act  
   5.	   Requirement that a company applying for registration must be an incorporated company which has paid-up share capital and which is not a private company. Cap. 145  
   6.	   Application for registration of insurers  
   7.	   Registration and issue of certificates  
   8.	   Alteration in particulars furnished with application for registration to be reported to the Controller  
   9.	   Power of Minister to impose reciprocal disabilities on foreign companies  
   10.	   Cancellation or alteration of registration  
   11.	   Unregistered insurers  
   12.	   Making of deposits  
   13.	   Reservation of deposits  
   14.	   Return of deposits  
   15.	   Separation of accounts and assets  
   16.	   Register of policies and register of claims  
   17.	   Prohibition of loans  
   18.	   Assets of insurer to be kept in the business name of the insurer  
   19.	   Reinsurance  
   20.	   Application of law to policies issued in Ceylon  
   21.	   Power of Controller to fix rates of premia  
   22.	   Duty of insurers who have issued any policies of life assurance under which liabilities have not been discharged on the appointed date to maintain assets in Ceylon  
   23.	   Duty of insurer carrying on business of life assurance to maintain a separate fund and keep assets relating to such business separate from assets relating to any other business  
   24.	   Assignment and transfer of life assurance policies  
   25.	   Acquisition of surrender value by policy  
   26.	   Policy not to be called in question on the ground of mis-statement after two years  
   27.	   Supply of notice of options, &c  
   28.	   Power of policy holder to nominate person or persons to whom the money secured by the policy shall be paid  
   29.	   Restrictions on dividends and bonuses  
   30.	   Declaration of interim bonus  
   31.	   Prohibition of cessation of payment of commission in certain cases  
   32.	   Restrictions on transfers and amalgamations  
   33.	   Restriction on the employment under certain conditions of persons in the capacity of managers or officers in charge of the business of insurers. Cap. 145  
   34.	   Liability of directors, &c., for loss due to contravention of section 33  
   35.	   Accounts and balance sheet  
   36.	   Audit  
   37.	   Actuarial report and abstract  
   38.	   Submission of returns  
   39.	   Exemption from certain provisions of the Companies Ordinance. Cap. 145  
   40.	   Furnishing of reports  
   41.	   Furnishing copies of reinsurance treaties  
   42.	   Powers of Controller regarding returns  
   43.	   Power of Controller to order re-valuation  
   44.	   Power of Controller to increase deposit  
   45.	   Power of Controller to cancel registration  
   46.	   Power to order inspection  
   47.	   Powers of Investigator. Cap. 145  
   48.	   Further returns and abstracts  
   49.	   Custody and inspection of documents  
   50.	   Evidence of documents  
   51.	   Summary of returns to be published  
   52.	   Returns to be published in statutory form  
   53.	   When administrator may be appointed  
   54.	   Powers and duties of administrator  
   55.	   Cancellation of contracts and agreements  
   56.	   Termination of appointment of administrator  
   57.	   Finality of decision appointing administrator  
   58.	   Penalty for withholding documents or property from administrators  
   59.	   No suit or prosecution to lie against the Minister, Controller, administrator or any officer or other person  
   60.	   Voluntary winding up  
   61.	   Margin of solvency. Cap. 145  
   62.	   Appointment of Winding-up Tribunals  
   63.	   Circumstances under which the District Court or a Winding-up Tribunal may order the winding up of an insurer. Cap. 145  
   64.	   Valuation of assets and liabilities  
   65.	   Application of surplus of assets fund in liquidation  
   66.	   Return of deposit on the application of a liquidator  
   67.	   Scheme of partial winding up  
   68.	   Notice of policy values  
   69.	   Power of District Court or Winding-up Tribunal to reduce contracts of insurer  
   70.	   Right of certain holders of life assurance policies to have recourse in certain circumstances to other assets of persons who have issued such policies and who have wound up, or are taking steps to wind up the business of life assurance  
   71.	   Offence of carrying on or commencing any insurance business without registration or of carrying on any class of insurance business not authorized  
   72.	   Offence of soliciting Insurance business on behalf of unauthorized persons  
   73.	   Other offences under this Act  
   74.	   Institution of proceedings  
   75.	   Power of court to grant relief  
   76.	   Appointment of Controller of Insurance and other officers  
   77.	   Service of notices  
   78.	   Power of Controller to settle claims arising under life assurance policies in which the sum assured does not exceed two thousand rupees  
   79.	   Regulations  
   80.	   Application of Companies Ordinance. Cap. 145  
   81.	   Certain insurers deemed to be authorized insurers for the purposes of the Motor Traffic Act, and deemed to be granted licences under section 45 (1) of the Workmen's Compensation Ordinance. Cap. 203. Cap. 139  
   82.	   Duty of insurers who have disposed of assets relating to life assurance business prior to the appointed date  
   83.	   Repeals,  
   84.	   Interpretation  

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