Sri Lanka Consolidated Acts

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Control Of Insurance Act (No. 42 of 1986) - Sect 31

Insertion of new sections 76A and 76B in the principal enactment

29. The following new sections are hereby inserted immediately after section 76 of the principal enactment and shall have effect as section 76A and section 76B of the principal enactment:
76A.
(1) There shall be a Committee, which shall be called the Insurance Advisory Committee (hereinafter referred to as the Advisory Committee") consisting of four persons appointed by the Minister. from and amongst persons who have distinguished themselves in the field of insurance.
(2) The Minister shall appoint one of the members of the Committee to be the Chairman of the Committee.
(3) Every member of the Committee shall, unless he earlier vacates office by death, resignation or removal, hold office for a period of three year. Any member of the Committee who vacates office by affluxion of time shall be eligible for re-appointment.
(4) Any member of the Committee may resign from the office of member by letter addressed by him to the Minister.
(5) Any member of the Committee may be removed from office by the Minister without assigning any reason therefor.
(6) The quorum for any meeting of the Committee shall be two members.
76B. It shall be the duty of he Advisory Committee, to advise the Controller on the administration and implementation of this Act and on any matter relating thereto which may be referred by the Controller to such Committee for its advice. ".

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