Section No :

Legislative Enactments CONTROL OF INSURANCE Marginal Notes 1. This Act may be cited as the Control of Insurance Act. 2. Exemption of the Insurance Corporation of Ceylon and a subsidiary corporation of the Insurance Corporation of Ceylon and an independent corporation. [44,22 of 1979] 3. Exemption for certain other associations. 4. Insurance business to be carried on registered under this Act. [ 3,42 of 1986] 5. Requirements of a company applying for registration.[ 4A, 42 of 1986] 6. Application for registration of insurers subsection 2 was repealed[ 5A ,42 of 1986] 7. Registration and issue of certificates. [ 6, 42 of 1986] 8. Alteration in particulars furnished with application for registration to be reported to the Controller. [ 7,42 of 1986] 9. Repealed by [ 8,42 of 1986] 10. Cancellation or alteration of registration. 11. Unregistered insurers. 12. Making of deposits, 13. Reservation of deposits 14. Return of deposits. 15. Separation of accounts and assets. 16. Register of policies and register of claims.[ 10,42 of 1986] 17. Prohibition of loans- 18. Assets of insurer to be kept in the business name of the insurer. 19. Reinsurance.[ 11,42 of 1986] 19A. Staff of insurer carrying on insurance business.[ 12, 42 of 1986] 19B. Prohibition on holding at shares in any insurance brokering company by insurer.[ 12, 42 of 1986] 19C. Persons from whom insurer may accept insurance business.[ 12, 42 of 1986] 19D. Liability of insurer under policies of general insurance.[ 12, 42 of 1986] 20. Application of law to policies issued in Sri Lanka- [ 21. Power of Controller to fix rates of premium. 13, 42 of 1986] 21A. Policy forms.[ 14, 42 of 1986] 22. Duty of insurers who have issued any policies of life assurance under which liabilities have not been discharged on the appointed date to maintain assets in Sri Lanka. 23. Duty of insurer carrying on business of life assurance to maintain a separate fund and keep assets relating to such business separate from assets relating to any other business. 24. Assignment and transfer of life assurance policies. 25. Acquisition of surrender value by policy. 26. Policy not to be called in question on the statement after two years. 27. Supply of notice of options, & c. 28. Power of policy holder lo nominate person or persons to whom the money secured by the policy snail be paid. 29. Restrictions on dividends and bonuses.[ 15, 42 of 1986] 30. Declaration of interim bonus. 31. Prohibition of cessation of payment of commission in certain cases. 32. Restrictions on iransten , and amalgamations- 33. Restriction on the employment under certain conditions of persons in the capacity of managers or officers in charge of the business of[ 16,42 of 1986] 34. Liability of directors, & c, for loss due to contravention of section 33. 34A. Staff of insurer carrying on life assurance business.[ 17,42 of 1986] 34B. Reserve Fund.[ 17,42 of 1986] 35. Accounts and balance sheet- [ 18, 42 of 1986] 36. Audit, 37. Actuarial report and abstract. [ 19,42 of 1986] Repealed subsection 6 38. Submission of returns.[ 20,42 of 1986] 39. Exemption from certain provisions of the Companies Ordinance. 40. Furnishing of reports [ 21,42 of 1986] 41. Furnishing copies of reinsurance treaties. 42. Powers of Controller regarding returns. 43. Power of Controller to order re-valuation. 44. Power of Controller to increase deposit. 45. Power of Controller to cancel registration. 46. Power to order inspection. 46A. Power of Controller or person authorized by him to inquire into the working and financial condition of an insurance company. [2,9 of 1967] 47. Powers of Investigator. 48. Further returns and abstracts 49. Custody and inspection of documents. 50. Evidence of documents. 51. Summary of returns to be published. 52. Returns to be published in statutory form. 53. When administrator may be appointed. 54. Powers and duties of administrator.[ 22,42 of 1986] 55. Cancellation of contracts and agreements. 56. Termination of appointment of administrator. 57. Finality of decision appointing administrator. 58. Penalty for withholding property or documents from administrator [ 23,42 of 1986] 59. No suit or prosecution to lie against the Minister, Controller, administrator or any officer or other person. 60. Voluntary winding up 61. Margin of solvency. [ 24, 42 of 1986] 62. Appointment of Winding-up Tribunals. [ 3,9 of 1967] 63. Circumstances under which the District Court or a Winding-up Tribunal may order the winding up of an insurer. 64. Valuation of assets and liabilities. 65. Application of surplus of assets fund in liquidation. 66. Return of deposit on the application of a liquidator. 67. Scheme of partial winding up. 68. Notice of policy values. 69. Power of District Court or Winding-up Tribunal to reduce contracts of insurer. 70. Right of certain holders of life assurance 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 business of life assurance. [ 25, 42 of 1986] 71. Offence of carrying on or commencing any insurance business without registration or of carrying on any class of insurance business not authorized. 72. Offence of soliciting insurance business on behalf of unauthorized persons. 72A. Failure to comply with the provisions of section 46A.[ 4, 9 of 1967] 73. other Offences under this Act. [ 26,42 of 1986] 74. Institution of proceedings. 75. Power of court grant relief- 75A. Prohibition on carrying on the business of an insurance broker without being registered. [ 27, 42 of 1986] 75B. Issue of the certificate of registration. 75C. Renewal of the certificates of registration. 75D. Certificate of registration not transferable. 75E. Suspension or cancellation of registration. 75F. Regulations in respect of matters relating to insurance brokers. 75G. Power to issue directions to insurance broker. 75H. Maintenance of records. 76. Appointment of Controller of Insurance and other officers. [ 28,42 of 1986] 76A. Insurance Advisory Committee.[ 29,42 of 1986] 76B. Duties of the Advisory Committee.[ 29, 42 of 1986] 77. Service of notices.[ 30,42 of 1986] 78. Power of Controller to settle claims arising under life assurance policies in which the sum assured does not exceed two thousand rupees. 79. Regulations. 79A. Power of Controller or an administrator appointed under section 53 or policy holder or member of an insurance company to apply in certain circumstances to a District Court for an order for payment of money or restoration of property by any person. [7,9 of 1967] 80. Application of Companies Ordinance*. 81. Certain insurers deemed to be authorized insurers for the purposes of the Motor Traffic Act, and deemed to be granted licenses under section 45 (1) of the Workmen's Compensation Ordinance. 82. Duty of insurers who have disposed of assets relating to life assurance business prior to the appointed date 83. Repeals. 84. Interpretation. [ 31,42 of 1986]