7. Amendment of section 114 of the principal enactment

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

Section 114 of the principal enactment is hereby amended as follows:-

(1)

by the insertion, immediately after the definition of the expression “classes of insurance business”, of the following new definitions:—

“ “class of insurance business” means general insurance business or long term insurance business;

“foreign holding company” means any company or body corporate which is incorporated or established outside Sri Lanka and which is a holding company of local subsidiary insurance company;”; and

(2)

by the insertion, immediately after the definition of the expression “local authority security”, of the following new definition:—

“ “local subsidiary insurance company” means a person registered to carry on insurance business in Sri Lanka under the provisions of this Act, and includes a company deemed to be registered under section 113(2) of this

Act;”.

Read on from s 8