Section 12 of the Regulation of Insurance Industry
Act, No. 43 of 2000 (hereinafter referred to as the “principal enactment”) is hereby amended in subsection (3) of that section, by the substitution for the words “and the Social
Security Board established by the Social Security Board Act,
No. 17 of 1996.”, of the words “the Social Security Board established by the Social Security Board Act, No. 17 of 1996
and the National Insurance Trust Fund Board established by the National Insurance Trust Fund Act, No. 28 of 2006. ”.
Section 31 of the principal enactment is hereby amended by the insertion immediately after subsection (1) of that section, of the following new subsection :—
“(1A) Every insurer who reinsures shall be required to reinsure with the National Insurance Trust Fund
Board established by the National Insurance Trust Fund
Act, No. 28 of 2006, a percentage not exceeding fifty per-centum as shall be determined by the Minister by
Order published in the Gazette, of the liability sought to be reinsured.”.