As enacted

Contents

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

14. Application for registration

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

(1)

Every application for registration under section 12, shall be made to the Board in such form as may be provided for that purpose by the Board, and be accompanied by—

(a)

a statement in writing by the applicant that the provisions of paragraphs (b) and (c) of subsection (1) of section 13 have been complied with, together with a certificate issued by the Deputy Secretary to the Treasury specifying the amount deposited under paragraph (c) of that subsection ;

(b)

the fee prescribed in respect of the class of insurance business in respect of which the application for registration is being made ;

(c)

a certified copy of the Memorandum and Articles of

Association of the company applying for registration ;

(d)

a certified copy of the certificate of incorporation of the company applying for registration ;

(e)

a certified copy of the certificate to commence business issued by the Registrar of Companies ;

(f)

a statement setting out prescribed particulars relating to —

(i)

the share holders of the company ;

(ii)

the Directors of the company ; and

(iii)

the officers referred to in sections 32, 46 and 94 ;

(g)

a statement setting out the class, and where necessary the sub-class of insurance business proposed to be carried on by the applicant ;

(h)

a statement setting out the details of fulfillment of requirements, if any, that were laid down by the

Board under paragraph (e) of subsection (1) of section 13 ; and

(i)

a scheme of work or business plan for a period of three years.

(2)

Every application under this section shall be certified by a declaration signed by the person making the application that the statement accompanying the application are true and accurate. Every such declaration shall be free of stamp duty.

(3)

The Board may conduct such investigations as it may consider necessary to verify the accuracy of any details contained in the application made under subsection (1), and to determine the suitability of the applicant to be registered under this Act as an insurer.

Read on from s 15

Part III