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srilawsby aturio
As enacted
Contents

Part II · Registration of Insurers

13. Qualifications for registration

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

(1)

No person shall be registered to carry on, either one or both classes of insurance business in Sri Lanka, unless such person—

(a)

is a public company incorporated in Sri Lanka and registered under the Companies Act, No 17 of 1982 ;

(b)

has a paid up share capital of not less than the prescribed amount ;

(c)

pays as deposit to the Treasury such amount as may be determined by the Board, by rules made in that behalf ;

(d)

pay the prescribed fee ; and

(e)

fulfil such other requirements as may be laid down by the Board by rules made in that behalf, for the purpose of ensuring the proper conduct of insurers to safeguard the interests of the insured public and for the development of the insurance industry.

(2)

For the purpose of paragraphs (b), (c) and (d) of subsection (1), different amounts may be prescribed for different classes of insurance business.

Read on from s 14

Part III

General Provisions Applicable to Insurers

Read on from Part III

Part IV

Long Term Insurance Business

Read on from Part IV

Part V

Accounts, Inspection and Investigation

Read on from Part V

Part VI

Publicity

Read on from Part VI

Part VII

Management by Administration and Winding Up

Read on from Part VII

Part VIII

Registration of Brokers and Insurance Agents

Read on from Part VIII

Part IX

Offences

Read on from Part IX

Part X

General

Read on from Part X

Schedules