View All - 2000 Acts Section No : Acts & Ordinances REGULATION OF INSURANCE INDUSTRYMarginal Notes1. This Act may be cited as the Regulation of Insurance Industry Act. No. 43 of 2000 and shall come into operation on such date as the Minister may appoint by Order published in the Gazette (hereinafter referred to as the "appointed date").2. Establishment of the Insurance Board of Sri Lanka. 3. Object and responsibility of the Board. 4. Constitution of the Board . 5. Powers, duties and functions of the Board. 6. Fund of the Board. 7. Levy of cess on net premium income. 8. Financial year and audit of accounts of the Board. 9. Director-General 10. Staff of the Board, 11. Appointment of officers and servants of a public corporation to the staff of the Board. 12. Insurance business to be carried on by companies registered under this act. 13. Qualifications for registration, 14. Application for registration. 15. Registration and issue of licence. 16. Annual fees. 17. Alteration of particulars submitted. 18. Cancellation or suspension of a licence issued to an insurer. 19. Appeals. 20. Appointment of an administrator. 21. Deposit to be paid to the Treasury. 22. Reservation of deposits. 23. Return of deposits. 24. Maintaining a technical reserve. 25. General Provisions relating to Reserve and Fund being maintained by an insurer. 26. solvency margin 27. separation of accounts and assets. 28. Register of policies and register of claims. 29. Prohibition of loss. 30. Assets of insurer to be kept in the name of the insurer. 31. Reinsurance. 32. Staff of insurer carrying on insurance business. 33. Prohibition on holding shares &c in a brokering company by an insurer. 34. persons from whom insurer may accept insurance business. 35. Liability of insurer under policies of general insurance . 36. Power of Board to fix rates of tariffs in respect of certain sub- class of insurance. 37. Policy forms. 38. Duty of insurer carrying on long term business to maintain a separate fund and keep assets relating to such business separate from assets relating to any other business, 39. Assignment or transfer of long term insurance business policies. 40. Acquisition of surrender value by Policy. 41. Policy not to be called in question on the ground of misstatement after two years. 42. Supply of notice of options &c. 43. Power of policy holder to nominate person or persons to whom the money secured by the policy shall be paid. 44. Restriction on dividends and bonuses. 45. Declaration of interim bonus. 46. Insurer carrying on long term insurance business to appoint an actuary. 47. Audit of accounts of an insurer. 48. Actuarial report and abstract. 49. Furnishing of reports. 50. Furnishing copies of reinsurance treaties. 51. Powers of Board regarding returns. 52. Power of the Board to order re-valuation. 53. Power of the Board to increase deposit. 54. Power to order investigation. 55. Powers of investigator. 56. Further returns and abstracts. 57. Power of Board to issue directions. 58. Custody and inspection of documents. 59. Evidence of documents 60. Summary of returns to be published. 61. Returns to be submitted in a prescribed form. 62. When administrator may be appointed. 63. Powers and duties of administrator.64. Cancellation of contracts and agreements. 65. Termination of appointment of administrator. 66. Finality of decision appointing administrator 67. Penalty for withholding documents or property from administrators. 68. Voluntary winding up. 69. Circumstances under which the District Court may order the winding up of an insurer. 70. Valuation of assets and liabilities. 71. Application of surplus of assets fund in liquidation. 72. Return of deposit on the application of a liquidator. 73. Scheme of partial winding up. 74. Notice of policy values. 75. Power of District Court to reduce contracts of insurance. 76. Rights of certain holders of long term insurance policies to have recourse in certain circumstances to other assets of persons who have issued such policies and who have wound up or are taking steps to wind up the long term insurance business. 77. Policy holders to have a prior claim. 78. Appointment of insurance agents. 79. Prohibition on carrying on the business of an insurance broker without being registered. 80. Qualifications for registration as a broker. 81. Application for registration 82. Registration as broker. 83. Renewal of a registration granted to a broker. 84. Cancellation or suspension of a registration. 85. Registered broker to take and maintain policies of insurance. 86. Maintaining of accounts and submission of returns. 87. Notice to show cause. 88. Rate of commission paid to intermediaries. 89. Collection of premia by agents and brokers. 90. Offence of carrying Commencing any insurance business without registration or of carrying on any class of insurance business not authorized. 91. Offence of carrying on business as an insurance agent in contravention of this Act 92. Conversation of provision of section 82 to be an offence. 93. Other offences under this Act. 94. Appointment of principal officers. 95. Register of policies. 96. Use of the word "Insurance". 97. Service of Notices.' 98. Power of the Board to settle claims arising under long term insurance business policies in which the sum assured does nor exceed a certain sum. 99. Advertisement. 100. other business- interest of insurance or brokers. 101. Overseas insurance, 102. General provisions relating to transfer and amalgamation of insurence. 103. Policy holder protection fund. 104. Offences by bodies of persons. 105. Rules. 106. Annual Report, 107. Certain insurers deemed to be authorized insurers for the purposes of the Motor Traffic Act. and deemed to be granted licences under section 45 (1) of the Workmen's Compensation Ordinance. 108. Protection of members of the Board. 109. No writ to issue against person or property. 110. Board to be a Scheduled Institution. 111. Officers and servants of the Board deemed to be public servants. 112. Regulations. 113. Repeal and Savings. 114. Interpretation. 115. Sinhala text to prevail in case of inconsistency.