Regulation of Insurance Industry (Amendment) Act 2011 · As enacted
33. Insertion of Part VIIIA in the principal enactment
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The following new Part is hereby inserted immediately after section 89 of the principal enactment and shall have effect as PART VIIIA of that enactment:—
“PART VIIIA
REGISTRATION OF LOSS ADJUSTERS
89A. (1) No person shall act or hold out as a loss adjuster to any insurer, unless such person is the holder of a Certificate of Registration as a loss adjuster, issued by the Board under this
Act.
Notwithstanding the provisions of subsection (1), a person who is not a resident of Sri Lanka and who has obtained the necessary legal recognition as a loss adjuster from the relevant authority in the country where such person is resident, is permitted to function as a loss adjuster within Sri Lanka, provided such function is being carried on with a person in Sri Lanka who has been duly registered as a loss adjuster under the provisions of this Act.
89B. No person shall be eligible to be registered as a loss adjuster under this Act, unless such person possesses such qualifications and experience as may be determined by the Board by rules made in that behalf.
89C. (1) An application for registration as a loss adjuster shall be made to the Board in such form as shall be provided for that purpose by the Board and be accompanied by such documents, information and fee as shall be determined by the Board by rules made in that behalf.
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Revocation registration.
On receipt of an application under subsection (1), the Board shall, having considered the particulars stated therein and where it deems necessary having given the applicant an opportunity of being heard, inform the applicant by written notice whether the applicant is eligible to be registered as a loss adjuster or not. Upon registration of any person as a loss adjuster, such person shall be issued with a Certificate of Registration and be subject to such terms and conditions as shall be specified in the certificate.
A Certificate of Registration issued by the Board shall authorize its holder to carry on such activity as specified therein and a
Certificate issued shall not be transferred to any other person nor be used for the benefit of any other person.
Any transfer or use of a Certificate of
Registration by the holder thereof in contravention of the provisions of subsection (3), shall be null and void, and the Board shall have the power to revoke such registration with immediate effect.
The Board may at any time add to, vary or revoke any term or condition specified in a
Certificate of Registration issued to a loss adjuster or add any new terms or conditions thereto.
89D.
of
The Board may revoke a
Certificate of Registration issued to a loss adjuster, where the Board is satisfied that such loss adjuster —
has acted in contravention of any provisions of this Part of this Act, or any rules or regulations made thereunder;
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Board to opportunity to show cause before a rejection.
has acted in breach of any term or condition specified in the Certificate of Registration issued by the Board under this Act;
has made any statement in any application, account, written information or document submitted to the Board by such loss adjuster, which was later found to be false, inaccurate or misleading or it is discovered that the loss adjuster has concealed or failed to disclose some material facts that would have affected the decision of the Board in assessing his suitability as a loss adjuster; or
has since the grant of the Certificate of Registration, been found to be disqualified for the grant of such registration.
A loss adjuster who is aggrieved by the decision of the Board under subsection (1) may appeal therefrom to the Court of Appeal and the provisions of section 19 of this Act shall mutatis mutandis apply to and in relation to such an appeal.
89E.
grant
An application made under this
Act for registration as a loss adjuster shall not be rejected by the Board without giving notice in writing to the applicant to show cause within such period as shall be specified in such notice, as to why such application should not be rejected.
Where any applicant for a registration—
fails to show cause within the time specified in the notice issued under subsection (1); or
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fails to show sufficient cause acceptable to the Board, the application made shall be rejected by the
Board.”.