As enacted

Contents

Regulation of Insurance Industry Act 2000 · As enacted · Part III · General Provisions Applicable to Insurers

33. Prohibition on holding shares &c. in a brokering company by an insurer

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

No —

(a)

insurer or the holding or associate or subsidiary company of an insurer; or

(b)

director, principal officer or specified officer of an insurer or the director or chief executive officer of a holding or associate or subsidiary company of an insurer ;

shall be a shareholder, director or employee of a company registered as a broker under this Act:

Provided that where an insurer or any such person as is referred to in this section is a shareholder, director or employee of any company registered as a broker under this Act as on the date of registration, such insurer or person shall be required to dispose of such shares, or to relinquish such directorships or employment, as the case may be, within such period as may be determined by the Board.

Read on from s 34

Part IV