21.
| (1) Every corporation shall, notwithstanding anything to the contrary in any other written law, reinsure with the Insurance Corporation a percentage of the liability as may be prescribed by regulation under every contract of insurance entered into or renewed by such corporation, and every such corporation shall be entitled to receive from the insurance Corporation a commission calculated at such rate as the Insurance Corporation may determine for such reinsurance. |
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| (2) Every corporation shall from time to time furnish to the Insurance Corporation such returns as the Insurance Corporation may require in regard to the reinsurance business done by such corporation with the Insurance Corporation in conformity with the provisions of subsection (1). |
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Sri Lanka Consolidated Acts