Sri Lanka Consolidated Acts

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Control Of Insurance Act (No. 25 of 1962) - Sect 70

Right of certain holders of life assurance 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 business of life assurance

70. Where on or after the twenty-first day of July, 1960, a person carrying on the business of life assurance has wound up, or takes steps to wind up, such business and where the assets relating to such business have not been, or are not, sufficient to meet the liabilities subsisting under policies of life assurance issued by such person, then every holder of such a policy shall be entitled by action instituted in a court of competent jurisdiction to proceed against-
(a) if such person is an individual, any other assets held by such individual on or after that date, or
(b) if such person is a company, any other assets held by each director of such company on or after that date, or
(c) if such person is a firm, any other assets held by each partner of that firm on or after that date,
and recover any sum outstanding under such policy of insurance.

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