3. Amendment of section 31 of the principal enactment

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.”.