5. Powers, duties and functions of the Board

For the purpose of fulfilling its object and responsibility, the Board may exercise, perform and discharge all or any of the following powers, duties and functions—

register as insurers persons carrying on insurance business in Sri Lanka ;

register persons as insurance brokers ;

advise the Government on the development and regulation of the insurance industry ;

implement the policies and programmes of the

employ such officers and servants as may be necessary for the purpose of exercising, performing and discharging the powers, duties and functions of the Board ;

acquire and hold any property, movable or immovable and sell, lease, mortgage or otherwise dispose of the same ;

enter into all such contracts as may be necessary for the exercise, performance and discharge of its powers, duties and functions ; and

do all such other acts as may be necessary for the due exercise, discharge and performance of its’s powers, duties and functions under this Act.