5. Insertion of new sections 15B, 15c and 15D in the principal enactment

The following new sections are hereby inserted immediately after section 15A of the principal enactment and shall have effect as sections 15B, 15c and 15D of that enactment:—

15B. Notwithstanding the provisions of section 15A, the Commission shall, upon being satisfied—

that at least eighty five per centum of shares of the local subsidiary insurance company are held by a foreign holding company listed on a stock exchange outside Sri Lanka and which stock exchange is a member of the World Federation of Exchanges or such other organization recognized by the

the accounts of such local subsidiary insurance company are included in the Group Consolidated Accounts of the foreign holidng company; and

such foreign holding company is legally required by the foreign stock exchange on which it is listed to ensure group level compliance with all regulatory requirements of the foreign stock exchange including the requirement pertaining to the accounts of the local subsidiary insurance company, exempt such local subsidiary insurance company from being listed on a stock exchange licensed under the Securities and Exchange

The National Insurance Trust Fund established under the provisions of the National

The Commission shall, upon being satisfied that a local subsidiary insurance company is held by a company that is listed on a stock exchange licensed under the Securities and Exchange Commission of Sri Lanka Act,

(a) The Sri Lanka Insurance Corporation

No such exemption shall be valid, unless the Sri Lanka Insurance Corporation Limited or any insurance companies formed upon the segregation of the Sri Lanka Insurance

any local subsidiary insurance company of any foreign holding company;

the National Insurance Trust

the entities referred to in subsections (2) and (3) of section 15c of this Act, to comply with any terms and conditions as may be determined by the Commission from time to time.”.