5. Powers, duties and functions of the Board

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

For the purpose of fulfilling its object and responsibility, the Board may exercise, perform and discharge all or any of the following powers, duties and functions—

(a)

(b)

(c)

advise the Government on the development and regulation of the insurance industry ;

(d)

implement the policies and programmes of the

Government with respect to the insurance industry ;

(e)

employ such officers and servants as may be necessary for the purpose of exercising, performing and discharging the powers, duties and functions of the Board ;

(f)

acquire and hold any property, movable or immovable and sell, lease, mortgage or otherwise dispose of the same ;

(g)

enter into all such contracts as may be necessary for the exercise, performance and discharge of its powers, duties and functions ; and

(h)

do all such other acts as may be necessary for the due exercise, discharge and performance of its’s powers, duties and functions under this Act.

Read on from s 6

Part II