27. The following new Part is hereby inserted immediately after Part VIII of the principal enactment and shall have effect as Part VIIIA:
| 75A.
| | (1) No person shall commence to carryon business as an insurance broker unless he is registered under this Part as being authorized to carryon such business. | | |
| | (2) No person shall be registered as an insurance broker under this Act-
| | | (a) unless he possesses at least fifteen years experience in the class of insurance business, in respect of which he has applied to be registered as a broker, or possesses the qualification of Associate of the Chartered Insurance Institute or an equivalent qualification with five years post qualification experience in the class of insurance business in respect of which he has applied to be registered or the qualification of Fellow of the Chartered Insurance Institute or an equivalent qualification with at least five years experience in the class of insurance business in respect of which he has applied to be registered. |
| (b) where such person is a company, unless such company employs at least one person in a permanent capacity, who possesses at least fifteen years experience in the class of insurance business, in respect of which the company has applied to be registered or possesses the qualification of Associate of the Chartered Insurance Institute or an equivalent qualification with at least five years post qualification experience in the class of insurance business in respect of which the company has applied to be registered as an insurance broker, or possesses the qualification of Fellow of the Chartered Insurance Institute or an equivalent qualification with five years post qualification experience, in the class of insurance business, in respect of which the company has applied to be registered. |
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| | (3) No person shall be registered under this Part as an insurance broker except upon the payment by such person to the Controller of a fee of one thousand rupees, | | |
| | (4) Every person registered under this Part, as an insurance broker, shall be subject to the terms and conditions set out in the Seventh Schedule, | | |
| | (5) Where any person is registered under this Part as an insurance broker' and such person acts in violation of any of the terms and conditions set out in the Seventh Schedule the Controller may, by order suspend for any period specified in such order, or cancel, such registration. | | |
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| 75B. Upon the registration of any person as an insurance broker under this Part, a certificate of registration shall be issued by the Controller to such person. |
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| 75C.
| | (1) The certificate of registration issued under this Part shall-
| | | (a) be valid for a period of one year; and |
| (b) be renewed annually on payment of a fee of five hundred rupees. |
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| | (2) The certificate of registration issued under this Part, shall authorize the holder to carry on business as an insurance broker in respect of life assurance business of any other class or classes of insurance business not being life assurance business.
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| 75D. No certificate of registration-
| | (a) shall be transferable to any other person, and accordingly any such transfer shall be null and void; | | |
| | (b) shall be used for the benefit of an, other person. | | |
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| 75E.
| | (1) If the Controller is of the opinion that any person to whom a certificate of registration has been issued is unfit to carry on such business for the reason that
| | | (a) he is an undischarged bankrupt or is an insolvent; or |
| (b) he is convicted of any offence involving moral turpitude; or |
| (c) he is, under any law in force, found or declared to be of unsound mind; or |
| (d) he persists in disobeying the instructions given by the Controller, |
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| | (2) No order under subsection (1) shall be made against a person carrying on business as an insurance broker except after notice in writing to him to show cause within such period as may be specified in the notice, why such order should not be made, and except on his failing to show cause within such period or on his not showing sufficient cause. | | |
| | (3) Any person carrying on business as an insurance broker against whom au order is made under subsection (1) may prefer an appeal in writing to the Secretary to the Ministry of the Minister before the expiry of ten days after the date on which such order is communicated to that person by or on behalf of the Controller by whom such order was made, and the Secretary may, in dealing with any appeal preferred to him, affirm, vary or annul the order against which the appeal has been preferred. | | |
| | (4) An order under subsection (1) suspending or cancelling a certificate of registration issued to a person to carryon business as an insurance broker shall come into force on the date on which such order is communicated to that person by or on behalf of the Controller, and shall continue to be in force notwithstanding that an appeal against such order has been preferred to the Secretary. | | |
| | (5) Any notice required to be given, or any order required to be communicated under the proceeding provisions of this section, to any person shall be deemed to have been served or communicated on or to him after the expiry of a period of two days reckoned after the date of despatch of such notice or order by letter sent by registered post to his usual place of business or residence. | | |
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| 75F. Regulations may be made under this Act for and in respect of all or any of the following matters:
| | (a) the mode and manner in which applications for registration as an insurance broker may be made and disposed of ; | | |
| | (b) the furnishing of all such statements and declarations relating to the business carried on by an insurance broker as may be necessary for ensuring that the provisions of this Act of any regulations made thereunder are complied with; | | |
| | (c) the maximum commission to be charged by an insurance broker in respect of life assurance business and any other class of insurance business other than life assurance business. | | |
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| 75G. The Controller may issue to any person carrying on business as an insurance broker, any such written directions as he may think necessary for the purpose of ensuring compliance by such person with the provisions of this Act or any regulations made thereunder, and the person to whom any such directions are issued shall comply with such directions within such time as shall be specified therein. |
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| 75H. Every person carrying on business as an insurance broker shall maintain such records as may be prescribed. ". |
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Sri Lanka Consolidated Acts