11.
| (1) The following provisions shall apply in the case of any insurer who or which had prior to the appointed date carried on in Ceylon insurance business of any class: -
| | (a) The insurer may continue to carry on general business of that class for a period of not more than three months after the appointed date notwithstanding that the insurer is not registered as required by section 4 or that the provisions of section 5 are not satisfied in the case of that insurer, or that the insurer has not made the deposit required by section 12. | | |
| | `(b) If the insurer is not, within a period of three months after the appointed date, duly registered under this Act as being authorized to carry on insurance business of that class the insurer shall not, save as hereinafter provided, continue to carry on such insurance business in Ceylon after the expiry of that period. | | |
| | (c) Notwithstanding that an insurer is not duly registered within the period of three months after the appointed date, every policy or contract of insurance effected or renewed by the insurer at any time before the appointed date or within three months thereafter shall be deemed to be valid and effectual for all purposes, and nothing in this Act shall be deemed to prohibit or otherwise render unlawful the continuance of insurance business in Ceylon by that insurer in so far, but in so far only, as the transaction of such business is necessary for the purpose of the maintenance of any policy or contract of insurance without renewal. | | |
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| (2) Such provisions of this Act as are not inapplicable shall apply to any insurer who or which had prior to the appointed date carried on in Ceylon insurance business of any class so long as any liability of the insurer upon any policy or contract of insurance of any class remains unpaid or undischarged. |
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| (3) Where the registration of any insurer is can celled as provided in this Act, then, notwithstanding such cancellation-
| | (a) every contract of insurance effected by the insurer at any time before the cancellation takes effect shall be deemed to be valid and effectual for all purposes, and nothing in this Act shall be deemed to prohibit or otherwise render unlawful the continuance of insurance business in Ceylon by that insurer in so far, but in so far only, as the continuance of such business is necessary for the purpose of the collection and receipt of the premia payable upon such policy or contract and the payment of sums payable by the insurer thereunder; | | |
| | (b) such of the provisions of this Act as are not inapplicable shall continue to apply to that insurer so long as any liability of the insurer upon any policy or contract of insurance of any class remains unpaid or undischarged. | | |
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Sri Lanka Consolidated Acts