Sri Lanka Consolidated Acts

Insurance Corporation Act (No. 2 of 1961)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title and operation of the Act  
   2.	   Establishment of the Insurance Corporation of Ceylon  
   3.	   Corporation to be a body corporate  
   4.	   Seal of the Corporation  
   5.	   Functions of the Corporation  
   6.	   Powers of the Corporation  
   7.	   Appointment of officers, servants and agents of the Corporation  
   8.	   Minister's directions to the Corporation  
   9.	   Transfer to the Corporation of the assets, liabilities and contracts of the Co-operative Insurance Department  
   10.	   Corporation to be the sole insurer authorized to transact insurance business in Ceylon on or after January 1, 1964. [ 50, 11 of 1963.]  
   11.	   [ 83, 25 of 1962.]  
   12.	   [ 83, 25 of 1962.]  
   13.	   [ 83, 25 of 1962.]  
   14.	   Insurers carrying on life insurance business may transfer to the Corporation such business if the Corporation is satisfied after an investigation of the financial condition of the insurer's business that the assets of the business are more than, or equal to, the liabilities  
   15.	   [ 50,11 of 1963.]  
   16.	   [ 83, 25 of 1962.]  
   17.	   Capital of the Corporation. [ 50,11 of 1963.]  
   18.	   The Fund of the Corporation  
   19.	   Accounts of the Corporation  
   20.	   Accounts and balance sheet for each year. [ 50,11 of 1963.]  
   21.	   Audit of accounts. [ 2, 6 of 1966.]  
   22.	   The Auditor-General's report. [ 3, 3 of 1966.]  
   23.	   Annual accounts with auditor's report and a report of the annual activities of the Corporation to be transmitted to the Minister  
   24.	   Actuarial investigation into the financial condition of the life insurance business of the Corporation to be made once at least in every five years  
   25.	   Allocation or reservation of a certain percentage of the surplus to holders of policies of life insurance  
   26.	   Application of the profits. [ 50,11 of 1963.]  
   27.	   [ 57 (1), 18 of 1965.]  
   28.	   Receipts on behalf of the Corporation  
   29.	   Acquisition of immovable property under the Land Acquisition Act for the Corporation  
   30.	   [ 83, 25 of 1962.)  
   31.	   Provisions relating to discontinuance of the services of persons employed in insurance business  
   32.	   Application of company law to the Corporation. Cap. 145  
   33.	   Power of the Minister to direct an inquiry to be held into the working of the Corporation  
   33A.	   Liabilities of the Corporation, including bonuses declared in the case of life insurance policies, guaranteed by the Government. [ 50,11 of 1963.]  
   33B.	   Employment of certain persons in the Corporation. [ 50,11 of 1963.]  
   34.	   Regulations  
   35.	   Offences  
   36.	   Liability of agent, manager or other employee  
   37.	   Offences by bodies of persons  
   38.	   Amendment of Chapter 126  
   39.	   Interpretation  
   40.	   Act to prevail in case of conflict with other written law