As enacted

Contents

Regulation of Insurance Industry Act 2000 · As enacted · Part V · Accounts, Inspection and Investigation

52. Power of the Board to order re-valuation

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 an investigation or valuation made under section 48 does not properly indicate the condition of the affairs of the insurer by reason of what appears to it to be a faulty basis adopted in the valuation, the

Board may after giving the insurer reasonable notice and an opportunity of being heard, cause an investigation and valuation as at such date as it may specify, to be made at the expense of the insurer, by an actuary appointed by the insurer for that purpose and approved by the Board, and the insurer shall place at the disposal of such actuary, all the material required by such actuary for the purposes of the investigation and valuation within such period, not being less than three months, as the Board may specify.

(2)

The provisions of subsections (1) and (4) of section 48 relating to the making of abstracts shall apply in relation to any investigation and valuation to be made under this section :

Provided that, the abstract prepared as the result of such investigation and valuation shall be furnished on or before such date as the Board may specify.

Read on from s 53

Part VI