22.
| (1) Every insurer who or which has transacted life assurance business in Ceylon prior to the first day of January, 1962, and who or which has issued any policies of life assurance under which liabilities have not been discharged by such insurer on the appointed date shall maintain in Ceylon assets of such value as will be sufficient to discharge the liabilities under such policies determined in the prescribed manner. |
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| (2) At least half of the assets which an insurer is required to have in Ceylon for the purposes of sub section (1) shall consist of investments in Government securities and the remainder of such assets shall be of such kind as are notified to, and approved in writing by, the Controller. |
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| (3) An insurer shall comply with the provision of subsection (1) before the expiry of a period of five years after the appointed date: |
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| (4) Every insurer to whom subsection (1) applies shall not later than January thirty-first in each year furnish to the Controller a return, in the prescribed form and certified in the prescribed manner, of the assets and liabilities of such insurer in Ceylon on the last day of December in the previous year; and such insurer shall furnish a similar return to the Controller in respect of each period of three months ending on March thirty-first, June thirtieth and September thirtieth in each year, the return in respect of each such period being furnished not later than one month after the date of termination of such period: |
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| (5) The Controller may cause such investigation as he may consider necessary for the purpose of verifying the particulars contained in any return furnished by an insurer under subsection (4), and such insurer shall upon being requested to do so by notice in writing by the Controller, furnish on or before the date specified in the notice such information or explanation as the Controller may require for such investigation. |
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Sri Lanka Consolidated Acts