| 1.
| | 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 Regulatory Commission of Sri Lanka. [3, 23 of 2017] |
| 3.
| | Object and responsibility of the Board. |
| 4.
| | Constitution of the Board. [ 2, 3 of 2011] |
| 5.
| | Powers, duties and functions of the Board. [ 3, 3 of 2011] |
| 6.
| | Fund of the Board. [ 4, 3 of 2011] |
| 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.[ 2, 27 of 2007] [ 5, 3 of 2011] |
| 13.
| | Qualifications for registration. [ 6, 3 of 2011] [4, 23 of 2017] |
| 14.
| | Application for registration. [ 7, 3 of 2011] |
| 15.
| | Registration and issue of licence. |
| 15A.
| | Insurer to be listed on a licensed stock exchange. [ 8, 3 of 2011] |
| 15B.
| | Local subsidiary insurance company of any foreign holding company. [5, 23 of 2017] |
| 15C.
| | Exemption from being listed. [5, 23 of 2017] |
| 15D.
| | Duty to comply with the terms and conditions. [5, 23 of 2017] |
| 16.
| | Annual fees. |
| 17.
| | [ 9, 3 of 2011] |
| 18.
| | Cancellation or suspension of a licence issued to an insurer. [ 10, 3 of 2011] |
| 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.
| | [ 11, 3 of 2011] |
| 29.
| | Prohibition of loss. |
| 30.
| | Assets of insurer to be kept in the name of the insurer. |
| 31.
| | Reinsurance. [ 3, 27 of 2007] |
| 31A.
| | No person be appointed a director of an insurer or continue as a director in certain circumstances. [ 12, 3 of 2011] |
| 32.
| | Staff of insurer carrying on insurance business. [ 13, 3 of 2011] |
| 33.
| | Prohibition on holding shares &c in a brokering company by an insurer. |
| 33A.
| | Conditions relating to the appointment of directors of an insurer. [ 14, 3 of 2011] |
| 33B.
| | Insurer to inform Board of proposed appointment, nomination or election of directors. [ 14, 3 of 2011] |
| 33C.
| | Appointments, elections or nominations of directors of an insurer to be approved by the Board. [ 14, 3 of 2011] |
| 33D.
| | Removal of a director who is ineligible to hold office as a director. [ 14, 3 of 2011] |
| 33E.
| | Failure to comply to be an offence. [ 14, 3 of 2011] |
| 34.
| | persons from whom insurer may accept insurance business. |
| 35.
| | Repealed. [ 14, 3 of 2011] |
| 36.
| | Power of Board to fix rates of tariffs in respect of certain sub- class of insurance. |
| 37.
| | Policy forms. [ 16, 3 of 2011] |
| 38.
| | Duty of carrying on long 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. [ 17, 3 of 2011] |
| 48.
| | Actuarial report and abstract. [ 18, 3 of 2011] |
| 49.
| | Furnishing of reports. [ 19, 3 of 2011] |
| 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. [ 20, 3 of 2011] |
| 56.
| | Further returns and abstracts. [ 21, 3 of 2011] |
| 57.
| | Power of Board to issue directions. |
| 58.
| | Custody and inspection of documents. |
| 59.
| | Evidence of documents |
| 60.
| | Summary of returns to be published. [ 22, 3 of 2011] |
| 61.
| | Publishing of returns submitted to the Board. [ 23, 3 of 2011] |
| 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. [ 24, 3 of 2011] [6, 23 of 2017] |
| 79.
| | Prohibition on carrying on the business of an insurance broker without being registered. |
| 80.
| | Qualifications for registration as a broker. [ 25, 3 of 2011] |
| 81.
| | Application for registration. [ 26, 3 of 2011] |
| 82.
| | Registration as broker. |
| 83.
| | Renewal of a registration granted to a broker. [ 27, 3 of 2011] |
| 84.
| | Cancellation or suspension of a registration. [ 28, 3 of 2011] |
| 84A.
| | Board may direct certain measures to be taken in lieu of acting under section 84. [ 29, 3 of 2011] |
| 85.
| | Registered broker to take and maintain policies of insurance. [ 30, 3 of 2011] |
| 86.
| | Maintaining of accounts and submission of returns. [ 31, 3 of 2011] |
| 87.
| | Notice to show cause. |
| 88.
| | Rate of commission paid to intermediaries. [ 32, 3 of 2011] |
| 89.
| | Collection of premia by agents and brokers. |
| 89A.
| | Prohibition against acting as a loss adjuster without a Certificate of Registration. [ 33, 3 of 2011] |
| 89B.
| | Qualifications for registration. [ 33, 3 of 2011] |
| 89C.
| | Application for registration and issue of certificate. [ 33, 3 of 2011] |
| 89D.
| | Revocation of registration. [ 33, 3 of 2011] |
| 89E.
| | Board to grant opportunity to show cause before a rejection. [ 33, 3 of 2011] |
| 90.
| | Offence of carrying Commencing any insurance business without registration or of carrying on any class of insurance business not authorized. [ 34, 3 of 2011] |
| 91.
| | Offence of carrying on business as an insurance agent in contravention of this Act. |
| 92.
| | Converation of provision of section 82 to be an offence. |
| 92A.
| | Carrying on the function of a loss adjuster without being duly registered, to be an offence. [ 35, 3 of 2011] |
| 93.
| | Other offences under this Act. [ 36, 3 of 2011] |
| 94.
| | Appointment of principal officers. [ 37, 3 of 2011] |
| 94A.
| | Board to be informed of any alteration in the particulars submitted with an application for registration. [ 38, 3 of 2011] |
| 95.
| | Register of policies. |
| 95A.
| | Board to require increase of paid-up share capital. [ 39, 3 of 2011] |
| 96.
| | Use of the word "Insurance". |
| 96A.
| | Board to give directions. [ 40, 3 of 2011] |
| 96B.
| | Determination made to be communicated forthwith. [ 40, 3 of 2011] |
| 97.
| | Service of Notices. [ 41, 3 of 2011] |
| 98.
| | Power of the Board to settle claims arising under long term or general insurance business in which the sum assured docs nor exceed a certain sum. [ 42, 3 of 2011] |
| 99.
| | Advertisement. [ 43, 3 of 2011] |
| 100.
| | Prohibition against carrying on business other than those for which a licence orregistration is issued. [ 43, 3 of 2011] |
| 101.
| | Overseas insurance. |
| 102.
| | General provisions relating to transfer and amalgamation of insurance. |
| 103.
| | Policy holder protection fund. |
| 104.
| | Offences by bodies of persons. |
| 105.
| | Rules. |
| 106.
| | Annual Report. |
| 107.
| | Certain insurers deemed to be 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. [ 46, 3 of 2011] |
| 114.
| | Interpretation. [ 47, 3 of 2011] [7, 23 of 2017] |
| 115.
| | Sinhala text to prevail in case of inconsistency. |
|