49. Addition of new Schedule to the principal enactment

The following new Schedule is hereby added immediately after the re-numbered First Schedule to the principal enactment and shall have effect as the Second

Schedule to that enactment:—

“SECOND SCHEDULE

[Section 31A]

DISQUALIFICATIONS FOR BEING A DIRECTOR OF AN INSURER

A person shall not be eligible to be appointed, elected or nominated as a director of an insurer, if such person:—

does not possess academic or professional qualifications or have effective experience in insurance, finance, business or of any other relevant discipline;

has served as a member or an employee of the Board at any time during the period of three years prior to being appointed, elected or nominated as a director of the insurer;

has been convicted by any competent court in Sri

has been declared an undischarged insolvent or a bankrupt under any law of Sri Lanka or of any other country;

has failed to satisfy any judgment or order given by any competent court in Sri Lanka or of any other country, pertaining to the repayment of a debt;

has been declared by a competent court in Sri Lanka or of any other country, to be of unsound mind;

has been removed or suspended by an order of a regulatory or supervisory authority from serving as a director, chief executive officer or any other position of authority in any insurance company, broker, bank, financial institution or corporate body, within or outside Sri Lanka; or

has been a director, chief executive officer, principal officer, specified officer or held any other position of authority in any insurance company, broker, bank, financial institution or corporate body—

whose licence or other authority granted for operating as an insurance company or broker or bank or financial institution, has been suspended or cancelled ; or

which has been wound up or is being wound up, or which is being compulsorily liquidated.