13. Determination and payment of premium

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Board may from time to time , determine, the rates of premium payable on Insurance Policies issued under

Schemes established and operated by the Board, having regard to the subject matter of the Insurance and the risks insured against.

(2)

The Board shall consider every application made to it, for an insurance policy under any scheme established and operated by it, and if satisfied in regard to the genuineness of the application, issue a policy to the applicant which shall indicate inter alia -

(a)

the identity of the proposers;

(b)

the subject matter of insurance;

(c)

the Insured’s Name;

(d)

the term of Cover;

(e)

the sum insured;

(f)

the amount of premium;

(g)

the perils and losses insured against;

(h)

the terms, conditions and exceptions applicable to the risk undertaken;

(i)

other prescribed particulars.

Read on from s 14

Part III

Finance

Read on from Part III

Part IV

General

Read on from Part IV