38. Scheme of Insurance of Deposits

Regulation of Insurance Industry Act, No. 43 of 2000, or any other written law, establish, maintain, manage and control a scheme for the insurance of deposits held by finance companies and require such companies to insure under such scheme the deposits held by them.

(hereinafter referred to as “authorized body corporate”) to carry out all or any of the functions referred to in subsection (1), subject to such terms and conditions, and in such event, the provisions of the Regulation of Insurance Industry Act,

No. 43 of 2000 shall not apply to such body corporate for such purpose.