Skip to content
srilawsby aturio
As enacted
Contents

Part X · General

102. General provisions relating to transfer and amalgamation of insurance business

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

(1)

All transactions relating to any transfer and amalgamation of insurance business shall be approved by a

District Court, and when applying for such approval, a copy of the Board’s observations on such transfer and amalgamation should also be submitted to Court for its perusal.

(2)

The Board may in making its observations as referred to in subsection (1), take into consideration the effect of the transfer and amalgamation as indicated by an independent actuary, and shall also where necessary, call for any further information and documents relating to the proposed transfer and amalgamation for the purpose of making such observations.

Regulation of Insurance Industry

(3)

The observations of the Board shall be made in accordance with guidelines issued and regulations made under the Securities and Exchange Commission of Sri Lanka Act,

No. 36 of 1987, relating to take-overs and mergers.

Read on from s 103

Schedules