View All - 1961 Acts Section No : Acts & Ordinances INSURANCE CORPORATIONMarginal Notes1. Short title and operation of the Act. 2. Establishment of the Insurance Corporation of Ceylon. 3. Corporation to be a body corporate. 4. Seal of the Corporation. 5. Functions of the Corporation. 6. Powers of the Corporation. 7. Appointment of officers, servants and agents of the Corporation. 8. Minister's directions to the Corporation. 9. Transfer to the Corporation of the assets, liabilities and contracts of the Co-operative Insurance Department. 10. Corporation to be the sole insurer authorized to transact insurance business in Ceylon on or after January 1, 1964. [ 50, 11 of 1963.] 11. [ 83, 25 of 1962.] 12. [ 83, 25 of 1962.] 13. [ 83, 25 of 1962.] 14. Insurers carrying on life insurance business may transfer to the Corporation such business if the Corporation is satisfied after an investigation of the financial condition of the insurer's business that the assets of the business are more than, or equal to, the liabilities. 15. [ 50,11 of 1963.] 16. [ 83, 25 of 1962.] 17. Capital of the Corporation. [ 50,11 of 1963.] 18. The Fund of the Corporation. 19. Accounts of the Corporation. 20. Accounts and balance sheet for each year. [ 50,11 of 1963.] 21. Audit of accounts. [ 2, 6 of 1966.] 22. The Auditor-General's report. [ 3, 3 of 1966.] 23. Annual accounts with auditor's report and a report of the annual activities of the Corporation to be transmitted to the Minister. 24. Actuarial investigation into the financial condition of the life insurance business of the Corporation to be made once at least in every five years. 25. Allocation or reservation of a certain percentage of the surplus to holders of policies of life insurance. 26. Application of the profits. [ 50,11 of 1963.] 27. [ 57 (1), 18 of 1965.] 28. Receipts on behalf of the Corporation. 29. Acquisition of immovable property under the Land Acquisition Act for the Corporation. 30. [ 83, 25 of 1962.) 31. Provisions relating to discontinuance of the services of persons employed in insurance business. 32. Application of company law to the Corporation. Cap. 145. 33. Power of the Minister to direct an inquiry to be held into the working of the Corporation. 33A. Liabilities of the Corporation, including bonuses declared in the case of life insurance policies, guaranteed by the Government. [ 50,11 of 1963.]33B. Employment of certain persons in the Corporation. [ 50,11 of 1963.]34. Regulations. 35. Offences. 36. Liability of agent, manager or other employee. 37. Offences by bodies of persons. 38. Amendment of Chapter 126. 39. Interpretation. 40. Act to prevail in case of conflict with other written law.