61.
| (1) An insurance company carrying on insurance business shall be deemed for the purposes of section 162 of the Companies Ordinance (which section authorizes the court to wind up a company) to be unable to pay its debts, and any other insurer shall be deemed to be unable to pay the debts appertaining to the insurance business carried on by such insurer, if the value of the assets relating to the insurance business carried on by such company or other insurer, as the case may be, does not exceed the amount of the liabilities relating to such business by the amount of the deposit for the time being required to be maintained by such company or other insurer under section 12 of this Act or one-tenth of the general premium income for the preceding financial year, whichever is the greater; and the provisions of section 46 of this Act shall apply accordingly. |
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| (2) For the purposes of this section-
| | (a) in computing the amount of the assets of an insurer, no account shall be taken of any uncalled capital or fictitious or intangible assets, | | |
| | (b) the value of the assets shall be computed at their market value or realizable value, | | |
| | (c) in computing the amount of the liabilities of an insurer, all contingent and prospective liabilities shall be taken into account, but not liabilities in respect of share capital, and | | |
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Sri Lanka Consolidated Acts