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srilawsby aturio
As enacted
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Part V · Accounts, Inspection and Investigation

51. Powers of Board regarding returns

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

(1)

If it appears to the Board that any return furnished to it under the provisions of this Act is inaccurate or defective in any respect, it may—

(a)

require from the insurer such further information, certified if the Board so directs by such auditor or actuary as it may consider necessary, to correct or supplement such return ;

(b)

call upon the insurer to submit for its examination at the registered office or the principal place of business of the insurer, any book of account, register, or other document or to supply any statement which it may specify in a notice served on the insurer for the purpose ;

(c)

examine any officer of the insurer on oath or affirmation in relation to the return ; or

(d)

decline to accept such return unless such further information as may be required by the Board is furnished before the expiry of one month from the date on which the requisition asking for such further information was delivered to the insurer, or of such further time as the Board may specify in the requisition.

(2)

A District Court may, on the application of an insurer and after hearing the Board, direct the acceptance of any return which the Board has declined to accept, if the insurer satisfies the Court that the action of the Board was in the circumstances unreasonable :

Provided that, no application under this subsection shall be entertained by the District Court, unless it is made before the expiration of two months after the date on which the Board made the order or declined to accept the return.

Regulation of Insurance Industry

(3)

The decision of the District Court in any application under this section shall be final and shall not be subject to any appeal.

(4)

An application to the District Court under this section shall be made by petition in the way of summary procedure, and the provisions of the Civil Procedure Code relating to such procedure shall apply to and in regard to the same.

Read on from s 52

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