53. Insurers to segregate their long term and general insurance business

Where on the date of the coming into operation of this Act, an insurer is engaged in carrying on both long term insurance business and general insurance business in terms of a valid licence issued by the Insurance Board of Sri Lanka under the principal enactment, such insurer shall be required within four years from the date of the coming into operation of this Act, to segregate the long term insurance business and the general insurance business being carried on by it, into two seperate companies.

Act, No. 3 of 2011