23.
| (1) Every insurer who or which carries on the business of life assurance in Ceylon, whether solely or in addition to any other business, shall-
| | (a) maintain a separate fund to be called the life assurance fund and shall credit all money received in respect of the life assurance business carried on by such insurer to that fund; and | | |
| | (b) keep the assets in respect of the life assurance business separate from the assets in respect of any other class of insurance business. | | |
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| (2) The life assurance fund maintained by an insurer under subsection (1) shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life assurance, and shall not be applied directly or indirectly for any purposes other than those of the life assurance business carried on by that insurer. |
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| (3) For the purpose of verifying whether an insurer complies with the provisions of subsection (1), the Controller may-
| | (a) call upon such insurer to furnish from time to time a return in such form as may be prescribed; | | |
| | (b) authorize an officer in writing to enter at all reasonable hours the place at which such insurer is carrying on the business of life assurance and examine any books, registers or documents of such insurer relating to such business and such insurer shall furnish such return or permit such officer to enter such place and make such examination. | | |
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Sri Lanka Consolidated Acts