10.
| (1) On or after the first day of January, 1964, notwithstanding anything in any other law-
| | (a) the Corporation shall be the sole insurer authorized to transact new business of any class of insurance whatsoever and to issue policies of insurance, in Ceylon; and | | |
| | (b) no other insurer shall transact any new business of insurance whatsoever, or issue any new policy of insurance, or renew any policy of general insurance, in Ceylon. | | |
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| (2) Every policy of insurance issued or every policy of general insurance renewed on or after the first day Of January, 1964, by any insurer other than the Corporation shall be deemed to be invalid and accordingly shall be of no force or effect in law. |
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| (3) No policy of general insurance entered into by or with any insurer other than the Corporation shall be valid or effective beyond such date in the year 1964 as is the expiry date of such policy, or, where the expiry date of such policy is a date beyond December 31, 1964, after December 31, 1964. |
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| (4) No insurer shall be entitled to compensation for any loss incurred by him, whether directly or in directly, by reason of the fact that he is unable to transact any new business of insurance, or to issue any new policy of insurance, or to renew any policy of general insurance, by virtue of paragraph (5) of subsection (1). |
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Sri Lanka Consolidated Acts