As enacted

Contents

Regulation of Insurance Industry Act 2000 · As enacted · Part VII · Management by Administration and Winding Up

63. Powers and duties of administrator

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

(1)

The administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency, and shall as soon as may be possible, file with the Board a report stating which of the following courses is, in the circumstances most advantageous to the general interests of the holders of life assurance policies, namely —

(a)

the transfer of the business to such an institution as the Board may, with the approval of the Minister, determine ;

(b)

the winding up of the insurer ; or

(c)

such other course as he or she may deem advisable.

(2)

On the filing of the report with the Board, the Board may take such action as it thinks fit for protecting and promoting the interests of the holders of insurance policies in general.

(3)

Any act done by the Board in pursuance of the powers vested in it by subsection (2), shall have effect notwithstanding anything in the memorandum of or articles association of the insurer.

Read on from s 64

Part VIII