82. Notwithstanding anything in the preceding provisions of this Act, where any insurer has, at any time between the twenty-fourth day of November, 1961, and the appointed date, committed any of the following acts,-
| (i) invested any moneys forming part of the assets relating to his life assurance business in investments other than in approved securities; |
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| (ii) given loans of such moneys which are not in accordance with the provisions of this Act; |
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| (iii) in any manner whatsoever alienated such assets or any part thereof, |
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such act shall be deemed to be null and void, and it shall be the duty of such insurer, notwithstanding anything in any other law, to recover such moneys or assets by the institution of legal proceedings in a competent court:Provided that this section shall not apply to any loan or investment given or made by an insurer if the Minister is satisfied that such loan or investment was made in the best interests of the policy holders of that insurer. |
Sri Lanka Consolidated Acts