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Section No :  
Acts & Ordinances
Marginal Notes
1. This Act may be cited as the Control of Insurance Act, No. 25 of 1962, and shall come into operation on such date (hereinafter referred to as "the appointed date ") as may be appointed by the Minister by Order published in the Gazette*. [* 1st November, 1962, appointed by Order published in Gazette No. 13,309 of 21st September, 1962. ]
2. Exemption for registered trade unions and cooperative and other societies and the Insurance Corporation of Ceylon. Cap. 138. Cap. 123. Cap. 124
3. Exemption for certain other associations
4. Insurance business to be carried on only by-persons registered under this Act
5. Requirement that a company applying for registration must be an incorporated company which has paid-up share capital and which is not a private company. Cap. 145.
6. Application for registration of insurers.
7. Registration and issue of certificates.
8. Alteration in particulars furnished with application for registration to be reported to the Controller.
9. Power of Minister to impose reciprocal disabilities on foreign companies
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.
17. Prohibition of loans.
18. Assets of insurer to be kept in the business name of the insurer.
19. Reinsurance.
20. Application of law to policies issued in Ceylon.
21. Power of Controller to fix rates of premia.
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 Ceylon.
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 ground of mis-statement after two years.
27. Supply of notice of options, &c.
28. Power of policy holder to nominate person or persons to whom the money secured by the policy shall be paid.
29. Restrictions on dividends and bonuses.
30. Declaration of interim bonus.
31. Prohibition of cessation of payment of commission in certain cases.
32. Restrictions on transfers 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 insurers. Cap. 145.
34. Liability of directors, &c., for loss due to contravention of section 33.
35. Accounts and balance sheet.
36. Audit.
37. Actuarial report and abstract.
38. Submission of returns.
39. Exemption from certain provisions of the Companies Ordinance. Cap. 145.
40. Furnishing of reports.
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.
47. Powers of Investigator. Cap. 145.
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.
55. Cancellation of contracts and agreements.
56. Termination of appointment of administrator.
57. Finality of decision appointing administrator.
58. Penalty for withholding documents or property from administrators.
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. Cap. 145.
62. Appointment of Winding-up Tribunals.
63. Circumstances under which the District Court or a Winding-up Tribunal may order the winding up of an insurer. Cap. 145.
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.
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.
73. Other offences under this Act.
74. Institution of proceedings.
75. Power of court to grant relief.
76. Appointment of Controller of Insurance and other officers.
77. Service of notices.
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.
80. Application of Companies Ordinance. Cap. 145.
81. 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. Cap. 203. Cap. 139.
82. Duty of insurers who have disposed of assets relating to life assurance business prior to the appointed date.
83. Repeals,
84. Interpretation.