11. Section 19 of the principal enactment is hereby amended by the repeal of subsections (1) and (2) of that section and the substitution therefor of the following subsections ;
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| | (a) An insurer may, with the approval of the Controller and subject to such terms and conditions as may be specified by the Controller in that behalf reinsure with any other insurer in or outside Sri Lanka, any liability arising out of any contract or policy of insurance effected or issued by the first-mentioned insurer; and | | |
| | (b) Every insurer shall cede fifteen per centum of the gross annual premia received by him under contract and policies of fire and marine insurance effected or issued by him to the National Insurance Corporation by way of reinsurance. | | |
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| (2) The Controller may by a notice in writing require any insurer carrying on reinsurance to furnish him with such information as he may deem necessary to ascertain whether such insurer has the necessary funds to satisfy any claim that may be made on such insurer and it shall be the duty of such insurer to comply with the requirements of such notice,". |
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Sri Lanka Consolidated Acts