As enacted

Contents

Regulation of Insurance Industry Act 2000 · As enacted · Part II · Registration of Insurers

12. Insurance business to be carried on by companies registered under this Act

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

(1)

Subject to the provisions of this Act, from and after the appointed date, no person shall carry on insurance business in Sri Lanka unless such person is for the time being registered or deemed to be registered under this Act to carry on such business.

(2)

A registration under subsection (1) may be for general insurance business or for long term insurance business or for both general and long term insurance business.

(3)

Notwithstanding the provisions of subsection (1), the provisions of this Act shall not apply in respect of the

Agricultural and Agrarian Insurance Board established by the

Agricultural and Agrarian Insurance Act, No. 20 of 1999, the

Sri Lanka Export Credit Insurance Corporation established by the Sri Lanka Export Credit Insurance Corporation Act,

No. 15 of 1978 and the Social Security Board established by the Social Security Board Act, No. 17 of 1996.

(4)

A person registered under subsection (1) shall not carry on any form of business other than insurance business :

Provided that, a person may with the prior written approval of the Board, carry on any financial services business which is ancillary or associated with the insurance business for which a registration is obtained under this Act.

Read on from s 13

Part III