Regulation of Insurance Industry Act 2000 · இயற்றப்பட்டவாறு · Part X · General
114. Interpretation
அதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள அல்லது தமிழ் உரையிலிருந்து வேறுபடும் இடங்களில் எந்த உரை மேலோங்கும் என்பதைச் சட்டமே குறிப்பிடுகிறது.
அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
In this Act, unless the context otherwise requires—
“actuary” means —
a Fellow of the Institute of Actuaries in England or of the Faculty of Actuaries in Scotland or a Fellow of any other professional Actuarial Institute, approved by the Board ; or
an Associate of any of the professional Actuarial
Institutes referred to in paragraph (a), with not less than ten years post qualification experience in relevant actuarial matters ;
“broker” means an insurance broker registered under the provisions of this Act and who functions as an intermediary for the placing of insurance business for or on behalf of an insurer, a policy holder or a proposer for insurance or reinsurance, with an insurer or reinsurer, in expectation of a payment by way of brokerage or a commission ;
“certified” in relation to any statement, account or return, or to any copy or translation of a document required to be furnished by or on behalf of an insurer, means that a certificate to the effect that such statement, account or return is true and correct or that the copy is a true copy or that the translation is correct translation, has been endorsed thereon or attached thereto by the insurer or the principal officer of the insurer authorized in that behalf, as the case may be ;
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“claims incurred but not reported (IBNR)”means claims which have occurred under any policy or policies of insurance issued by an insurer, during a financial year, but which have not been advised ;
“claims outstanding” means all claims advised by the assured and for which the insurer will be liable under a policy or policies of insurance, but which have not been settled ;
“classes of insurance business” means general insurance business and long term insurance business ;
“Government guaranteed securities” includes any security in respect of a loan, the repayment of which together with interest thereon, is guaranteed by the
Government of Sri Lanka ;
“Government securities” means promissory notes
(including treasury bills), stock, bearer bonds, and any other security issued by or on behalf of the
Government of Sri Lanka in respect of any loan raised either before or after the appointed date, but does not include currency notes ;
“gross premium” means the premium after deduction of discounts, refunds and rebates, but before the deduction therefrom of any premium paid or payable by an insurer for reinsurance ceded ;
“insurance agent” means an individual registered as an insurance agent with an insurer or broker under the provisions of this Act, and who in consideration of a commission solicits or procures insurance business for such insurer or broker as the case may be ;
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“insurance business” means—
long term insurance business, that is to say, the business of entering into or maintaining contracts of assurance on human lives, such contracts including contracts whereby the payment of money is assured on death or on the happening of any contingency dependent on human life, and contracts which are subject to payment of premia for a term dependent on human life and such contracts being deemed to comprise and include the following sub-classes :—
life insurance—contracts of insurance dependent on human life ;
linked long term—where benefits are wholly or partially determined by reference to an index or to the value of or to the income from assets of any description ;
annuities—contracts for the grant of annuities dependent on human life ;
contracts for the granting of disability and multiple indemnity, accident and sickness benefits if so specified in such contracts, but excluding insurance business which is principally or wholly of any kind included in sub paragraph (i), (ii), (iii), (v) and (vi) ;
permanent health—contracts of insurance providing specified benefits on incapacity from accident or sickness which are both in effect for a period of more than five years and cannot be cancelled by the insurer ;
capital redemption contracts ; and
pension policies—insurance contracts to provide pre and post retirement benefits for individuals ;
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General Insurance Business which means all insurance business which do not fall within the definition of “long term business” being deemed to comprise and include the following sub classes :—
“Marine, aviation or transit insurance policy”
means a policy of insurance —
(A)
upon vessels of machinery, tackle or furniture or equipment of vessels or aircraft, or
(B)
upon goods, merchandise or property of any description whatever on board vessels ;
(C)
upon the freight or any other interest in or relating to vessels ;
(D)
against damage arising out of or in connection with the use of vessels including third party risks ;
(E)
against transit risks (whether the transit is by sea, inland water, land, air or partly one and partly another) including risks incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance but, not including risks the insurance of which is motor vehicle insurance business ; or
(F)
against any of the risks the insurance of which is customarily undertaken in conjunction with or incidental to any such business as is referred to in the foregoing paragraphs of this definition ;
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fire insurance business, that is to say, the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by, or incidental to, fire or other occurrence customarily included among the risks insured against in fire insurance policies ;
motor vehicle insurance business, that is to say, the business of effecting contracts of insurance against loss of motor vehicles or damage arising out of or in connection with the use of motor vehicles, including third-party risks ;
employers’ liability insurance business, that is to say, the issue of, or the undertaking of liability under policies insuring employers against liability to pay compensation or damages to workmen in their employment ;
miscellaneous insurance business, including personal accident insurance, fidelity guarantee insurance, burglary insurance, cash in transit insurance, cash in safe insurance, contractors all-risk insurance, erection all-risk insurance, electronic/computer insurance, boiler insurance and machinery breakdown insurance but excluding insurance business which is principally or wholly of any kind or kinds included in sub-paragraphs (i), (ii), (iii) and (iv)
and those classes which would fall within the definition of “long term business” involving contracts of a long-term nature ;
“insurer” means a company registered to carry on insurance business in Sri Lanka under the provisions of this Act, and includes a company deemed to be registered under subsection (2) of section 113;
“licensed commercial bank” means a licensed commercial bank within the meaning of the Banking Act, No.
30 of 1988 ;
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“local authority security” means any security that may be issued, in accordance with the law in force for the time being by any local authority in Sri Lanka ;
“net claims outstanding” means all claims advised by the assured and for which the insurer will be liable under a policy or policies of insurance, but which have not been settled, less reinsurance recoveries ;
“net premium” means the balance of the gross premium after deduction therefrom of any premium paid or payable by the insurer for reinsurance ceded.
“net unearned premium” means the amount set aside as at end of a financial year of an insurer, out of premiums in respect of risks to be borne by such insurer after the end of such financed year, under a contract of insurance entered into, prior to the end of that financial year ;
“participating policies” means those policies issued by an insurer which are continually entitled to a share in the surplus arising from such polices.
“policy”
in relation to long term insurance business, includes an instrument evidencing a contract to pay an annuity upon human life ;
in relation to bond investment business includes a bond, certificate, receipt or other instrument evidencing the contract with the insurer ; and
in relation to other classes of insurance business, includes an instrument under which there is for the time being an existing liability already accrued or under which any liability may accrue ;
“policy holder” means the person who for the time being is the legal holder of the policy for securing the contract with the insurer ;
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“Registrar of Companies” means the person, by name or by office appointed to act as the Registrar of
Companies under section 423 of the Companies Act,
No. 17 of 1982 and include any Deputy Registrar or
Assistant Registrar appointed under that section ;
“reinsurance” means the transfer of an insurer’s liability incurred under any contract or policy of insurance, to a reinsurer ;
“Securities Exchange Commission of Sri Lanka” means the Securities Exchange Commission of Sri Lanka established by the Securities and Exchange
Commission of Sri Lanka Act, No. 36 of 1987 ;
“technical reserve” include net unearned premium, provision made for unexpired risks, net claims outstanding, reserve for claims incurred but not reported (IBNR) and any contingency reserves, less any deferred acquisition expenses ; and
“unexpired risks” means the amount set aside at the end of a financial year of an insurer, (in addition to net unearned premiums) in respect of risks to be borne by such insurer after the end of such financial year under a contract of insurance entered into prior to the end of that financial year.
For the purposes of this Act, a person shall be deemed to carry on or transact insurance business of any class in Sri
Lanka, if such person—
issues, or undertakes liability under, any policy or contract of insurance of that class to or with a person for the time being in Sri Lanka ; or
offers whether orally or in writing, to issue or undertake liability under any policy or contract whether such offer is made directly to any such person or generally to any such person by the publication, transmission, or circulation of any advertisement, book, pamphlet, or any document whatsoever ; or
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employs, engages or in any other manner causes or encourages, any person to make any such offer as aforesaid whether or not any remuneration is paid or payable to such other person.