24. Section 61 of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor of the following subsection:
| " (1) An insurer shall be deemed for the purposes of section 254 of the companies Act, No. 17 of 1982, to be unable to pay its debts, if the value of the assets relating to the insurance business carried on by him 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 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 this Act shall apply accordingly. |
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Sri Lanka Consolidated Acts