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srilawsby aturio
As enacted
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Part VIII · Registration of Brokers and Insurance Agents

80. Qualifications for registration as a broker

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

(1)

No person shall be registered as an insurance broker under this Act, unless such person—

(a)

is a company registered under the Companies Act,

No. 17 of 1982, having a paid up share capital not less than such amount as shall be determined by the

Board, by rules made in that behalf ;

(b)

has in its employment or on it’s directorate, persons with such qualifications and experience in insurance business as shall be acceptable to the Board ;

(c)

takes out a policy or policies of insurance for professional indemnity with two or more insurers ;

(d)

fulfils such other requirements as may be laid down by the Board by rules made in that behalf, for the purpose ensuring the protection of the interests of the insured public.

(2)

No company shall be entitled to be registered as an insurance broker, where—

(a)

such company is a shareholder of any insurer; or

(b)

(i)

a director or specified officer of such company;

or

(ii)

a director or the chief executive officer of an associated or subsidiary company of such company, is a director or shareholder or employee of any insurer.

Read on from s 81

Part IX

Offences

Read on from Part IX

Part X

General

Read on from Part X

Schedules