2. Establishment of the Insurance Board of Sri Lanka

There shall be established a board which shall be called the Insurance Board of Sri Lanka (hereinafter referred to as the “Board”) which shall be responsible for the development, supervision and regulation of the insurance industry in Sri Lanka.

The Board shall, by the name assigned to it by subsection (1), be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in such name.