Sri Lanka Consolidated Acts

Regulation Of Insurance Industry Act (No. 43 of 2000)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title  
   2.	   Establishment of the Insurance Board of Sri Lanka  
   3.	   Object and responsibility of the Board  
   4.	   Constitution of the Board   
   5.	   Powers, duties and functions of the Board  
   6.	   Fund of the Board  
   7.	   Levy of cess on net premium income  
   8.	   Financial year and audit of accounts of the Board  
   9.	   Director-General  
   10.	   staff of the Board,  
   11.	   Appointment of officers and servants of a public corporation to the staff of the Board  
   12.	   Insurance business to be carried on by companies registered under this act  
   13.	   Qualifications for registration,  
   14.	   Application for registration  
   15.	   Registration and issue of licence  
   16.	   Annual fees  
   17.	   Alteration of particulars submitted  
   18.	   Cancellation or suspension of a licence issued to an insurer  
   19.	   Appeals  
   20.	   Appointment of an administrator  
   21.	   deposit to be paid to the Treasury  
   22.	   Reservation of deposits  
   23.	   Return of deposits  
   24.	   Maintaining a technical reserve  
   25.	   General Provisions relating to Reserve and Fund being maintained by an insurer  
   26.	   solvency margin  
   27.	   separation of accounts and assets  
   28.	   Register of policies and register of claims  
   29.	   Prohibition of loss  
   30.	   Assets of insurer to be kept in the name of the insurer  
   31.	   Reinsurance  
   32.	   Staff of insurer carrying on insurance business  
   33.	   Prohibition on holding shares &c in a brokering company by an insurer  
   34.	   persons from whom insurer may accept insurance business  
   35.	   Liability of insurer under policies of general insurance   
   36.	   Power of Board to fix rates of tariffs in respect of certain sub- class of insurance  
   37.	   Policy forms  
   38.	   Duty of carrying on long business to maintain a separate fund and keep assets relating to such business separate from assets relating to any other business,  
   39.	   Assignment or transfer of long term insurance business policies  
   40.	   Acquisition of surrender value by Policy  
   41.	   Policy not to be called in question on the ground of misstatement after two years  
   42.	   Supply of notice of options &c  
   43.	   Power of policy holder to nominate person or persons to whom the money secured by the policy shall be paid  
   44.	   Restriction on dividends and bonuses  
   45.	   Declaration of interim bonus  
   46.	   Insurer carrying on long term insurance business to appoint an actuary  
   47.	   Audit of accounts of an insurer  
   48.	   Actuarial report and abstract  
   49.	   Furnishing of reports  
   50.	   Furnishing copies of reinsurance treaties  
   51.	   Powers of Board regarding returns  
   52.	   Power of the Board to order re-valuation  
   53.	   Power of the Board to increase deposit  
   54.	   Power to order investigation  
   55.	   Powers of investigator  
   56.	   Further returns and abstracts  
   57.	   Power of Board to issue directions  
   58.	   Custody and inspection of documents  
   59.	   Evidence of documents  
   60.	   Summary of returns to be published  
   61.	   Returns to be submitted in a prescribed form  
   62.	   When administrator may be appointed  
   63.	   Powers and duties of administrator  
   64.	   Cancellation of contracts and agreements  
   65.	   Termination of appointment of administrator  
   66.	   Finality of decision appointing administrator  
   67.	   Penalty for withholding documents or property from administrators  
   68.	   Voluntary winding up  
   69.	   Circumstances under which the District Court may order the winding up of an insurer  
   70.	   Valuation of assets and liabilities  
   71.	   Application of surplus of assets fund in liquidation  
   72.	   Return of deposit on the application of a liquidator  
   73.	   Scheme of partial winding up  
   74.	   Notice of policy values  
   75.	   Power of District Court to reduce contracts of insurance  
   76.	   Rights of certain holders of long term insurance policies to have recourse in certain circumstances to other assets of persons who have issued such policies and who have wound up or are taking steps to wind up the long term insurance business  
   77.	   Policy holders to have a prior claim  
   78.	   Appointment of insurance agents  
   79.	   Prohibition on carrying on the business of an insurance broker without being registered  
   80.	   Qualifications for registration as a broker  
   81.	   Application for registration  
   82.	   Registration as broker  
   83.	   Renewal of a registration granted to a broker  
   84.	   Cancellation or suspension of a registration  
   85.	   Registered broker to take and maintain policies of insurance  
   86.	   Maintaining of accounts and submission of returns  
   87.	   Notice to show cause  
   88.	   Rate of commission paid to intermediaries  
   89.	   Collection of premia by agents and brokers  
   90.	   Offence of carrying Commencing any insurance business without registration or of carrying on any class of insurance business not authorized  
   91.	   Offence of carrying on business as an insurance agent in contravention of this Act  
   92.	   Conversation of provision of section 82 to be an offence  
   93.	   Other offences under this Act  
   94.	   Appointment of principal officers  
   95.	   Register of  policies  
   96.	   Use of the word "Insurance"  
   97.	   Service of Notices.'  
   98.	   Power of the Board to settle claims arising under long term insurance business policies in which the sum assured docs nor exceed a certain sum  
   99.	   Advertisement  
   100.	   other business- interest of insurance or brokers  
   101.	   Overseas insurance,  
   102.	   General provisions relating to transfer and amalgamation of insurence  
   103.	   Policy holder protection fund  
   104.	   Offences by bodies of persons  
   105.	   Rules  
   106.	   Annual Report,  
   107.	   Certain insurers deemed to be insurers for the purposes of the Motor Traffic Act. and deemed to be granted licences under section 45 (1) of the Workmen's Compensation Ordinance  
   108.	   Protection of members of the Board  
   109.	   No writ to issue against person or property  
   110.	   Board to be a Scheduled Institution  
   111.	   Officers and servants of the Board deemed to be public servants  
   112.	   Regulations  
   113.	   Repeal and Savings  
   114.	   Interpretation  
   115.	   Sinhala text to prevail in case of inconsistency