As enacted

Contents

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

70. Valuation of assets and liabilities

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

(1)

In the winding up of an insurer, the value of the assets and liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator thinks fit, subject, as far as practicable in accordance with rules made by the

Board in that behalf, and any directions which may be given by the District Court.

(2)

For the purposes of any reduction by the District Court of the amounts of the contracts of an insurer, the value of the assets and liabilities of the insurer and all claims in respect of policies issued by the insurer shall be ascertained in such manner and upon such basis as the Court thinks proper, having regard to any rules that may be made in that behalf by the

Board.

Read on from s 71

Part VIII