28. Amendment of section 84 of the principal enactment

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Section 84 of the principal enactment is hereby amended as follows :—

(1)

in subsection (1) of that section—

(a)

by the repeal of paragraph (b) of that subsection, and the substitution therefor of the following paragraph:

“(b)

the broker has failed to comply with or acted in contravention of any directions issued by the Board under this Act;”;

(b)

by the insertion immediately after paragraph (b) of that subsection, of the following new paragraph:—

“(bb)

the broker has ceased to be of good financial standing;”;

(c)

by the repeal of paragraph (c) of that subsection, and the substitution therfor of the following paragraph:—

“(c) (i)

a director or the principal officer of the broker; or

(ii)

a director or the chief executive officer of an associate, a subsidiary

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or a holding company of such broker, becomes a director, a shareholder or an employee of an insurer;

(d)

by the insertion immediately after paragraph (c) of that subsection, of the following new paragraphs:—

“(cc)

the broker becomes a shareholder of any insurer;

(ccc)

the broker has contravened any provision of this Act or any regulation or rule made or any condition imposed by the Board, under this Act;”; and

(e)

by the repeal of paragraph (e) of that subsection, and the substitution therefor of the following paragraph:—

“(e)

the broker has furnished false, misleading or inaccurate information or has concealed or failed to disclose material facts in the application for registration or renewal of registration, as the case may be, or in any statement or document submitted to the Board.”;

and

(2)

by the insertion immediately after subsection (1) of that section, of the following new subsection:—

“(1A) The provisions of subsections (2), (3), (4), (5), (6) and (7) of section 18 of this Act shall, mutatis mutandis, apply to and in relation to the cancellation or suspension of a registration under this section.”; and

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“Board may direct certain measures to be taken in lieu of acting under section 84.

(3)

in subsection (2) of that section, by the substitution for the words “of this Act shall apply”, of the words

“of this Act shall, mutatis mutandis, apply”.

Read on from s 29