5.
| (1) No company shall be registered under this Act as being authorized to carry on insurance business in Sri Lanka unless such company
| | (a) is a company which is incorporated in Sri Lanka under the Companies Act, N0, 17 of 1982 and which is not a private company as defined in section 30 of that Act; and | | |
| | (b) is a company which has a paid up share capital of-
| | | (i) not less than twenty-five million rupees where the insurance business proposed to be carried on by such company is solely life assurance business; |
| (ii) not less than fifty million rupees where the insurance business proposed to be carried on by such company is of any class or classes other than life assurance business. |
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| (2) Notwithstanding anything in subsection (1), any company which is incorporated in Sri Lanka under the Companies Act, No. 17 of 1982 and which is not a private company as defined in section 30 of that Act and the paid up share Capital of which is -
| | (a) over fifteen million rupees but less than twenty-five million rupees, where the insurance business proposed to be carried on by such company is solely life assurance business; | | |
| | (b) over twenty-five million rupees but less than fifty million rupees, where the insurance business proposed to be carried on
by such company is of such class or classes other than life assurance business, | | |
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Sri Lanka Consolidated Acts