12. The following sections are hereby inserted immediately after section 19 of the principal enactment, and shall have effect as sections 19A, 19B, 19c and 19D, of the principal enactment:
| 19A. Every insurer carrying on insurance carrying on insurance business other than life assurance business shall employ at least one person at managerial level-
| | (a) possessing the qualification of Associate of the Chartered Insurance Institute or an equivalent qualification; or | | |
| | (b) possessing- the qualification of Fellow of the Chartered Insurance Institute or an equivalent ,qualification, | | |
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| 19B. No insurer or the holding or subsidiary company of an insurer shall hold any shares in any company carrying on the business of insurance brokering. |
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| 19C. No insurer shall accept any insurance business except from
| | (a) the insured in respect of whom a contract or policy of insurance is effected or issued; | | |
| | (b) another insurer in respect of reinsurance; | | |
| | (c) an insurance agent: or | | |
| | (d) an insurance broker registered under this Act. | | |
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| 19D. An insurer shall not be liable to pay any amount due under any contract or policy of insurance effected or issued by him in respect of insurance business other than life assurance business unless-
| | (a) the full premia due under such contract or policy on the date on which such amount becomes payable has been paid; or | | |
| | (b) a bank guarantee for the payment of such premia has been furnished by the insured on the date on which such amount became payable and the insured pays such premia within thirty days of such date. ". | | |
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Sri Lanka Consolidated Acts