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| Regulation Of Insurance Industry (Amendment) |
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AN ACT TO AMEND THE REGULATION OF INSURANCE INDUSTRY ACT, NO. 43 OF 2000
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BE it therefore enacted by Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-
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[18th July
, 2007 ]
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Short title.
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1. This Act may be cited as the Regulation of Insurance Industry (Amendment) Act, No. 27 of 2007.
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Amendment of section 12 of Act, No. 43 of 2000.
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2. Section 12 of the Regulation of Insurance Industry Act, No. 43 of 2000 (hereinafter referred to as the "principal enactment") is hereby amended in subsection (3) of that section, by the substitution for the words "and the Social Security Board established by the Social Security Board Act, No. 17 of 1996.", of the words "the Social Security Board established by the Social Security Board Act, No. 17 of 1996 and the National Insurance Trust Fund Board established by the National Insurance Trust Fund Act, No. 28 of 2006. ".
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Amendment of section 31 of the principal enactment.
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3. Section 31 of the principal enactment is hereby amended by the insertion immediately after subsection (1) of that section, of the following new subsection :-
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"(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.".
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Sinhala text to prevail in the event of any inconsistency.
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4. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.
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