102.
| (1) All transactions relating to any transfer and amalgamation of insurance business shall be approved by a provisions relating District Court, and when applying for such approval, a copy of the Board's observations on such transfer and amalgamation should also be submitted to Court for its perusal. |
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| (2) The Board may in making its observations as referred to in subsection (1). take into consideration the effect of the transfer and amalgamation as indicated by an independent actuary, and shall also where necessary, call for any further information and documents relating to the; proposed transfer and amalgamation for the purpose of making such observations. |
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| (3) The observations of the Board shall be made in accordance with guidelines issued and regulations made under the Securities and Exchange Commission of Sri Lanka Act. No. 36 of 1987, relating to take-over and mergers. |
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Sri Lanka Consolidated Acts