39. In this Act, unless the context otherwise requires,-" Corporation " means the Insurance Corporation of Ceylon established under this Act;"Co-operative Insurance Department" means the Insurance Department of the Co-operative Wholesale Establishment;" insurer " means-
| (a) an individual or unincorporated body of individuals or body corporate incorporated under the law of any country other than Ceylon, who or which carries on insurance business and who or which-
| | (i) carries on that business in Ceylon, or | | |
| | (ii) has his or its principal place of business or his or its domicile in Ceylon, or | | |
| | (iii) with the object of obtaining insurance business, employs a representative or maintains a place of business in Ceylon; | | |
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| (b) any body corporate carrying on the business of insurance and being incorporated under any law for the time being in force in Ceylon; |
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" general insurance " means any class of insurance business other than life insurance business;" life insurance business" means the business of entering into or maintaining contracts of insurance on human lives, such contracts including contracts whereby the payment of money is assured on death or on the happening of any contingency dependent on human life, and contracts which are subject to payment of premiums for a term dependent on human life and such contracts being deemed to include- (a) contracts for the granting of disability and double or triple indemnity accident and sickness benefits if so specified in such contracts, (b) contracts for the grant of annuities dependent on human life, and (c) contracts relating to capital redemption business; and"prescribed" means prescribed by regulation. |
Sri Lanka Consolidated Acts