Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Regulation Of Insurance Industry Act (No. 43 of 2000) - Sect 108

Protection of members of the Board

108.
(1) No suit or prosecution shall be instituted against any member of the Board or any officer or servant of the Board, for any act which is in good faith done or purported to be done by such member, officer or servant as the case may be under the provisions of this Act or any rule or regulation made thereunder, or on the direction of the Board.
(2) Any expense incurred by the Board in any suit or prosecution brought by or against the Board, and any costs paid to or received by the Board in any such suit or prosecution, shall be credited to the Fund of the Board.
(3) Any expense incurred by any such person as is referred to in subsection (1) in any suit or prosecution brought against him or her before a court in respect of any act which is done or purported to be done by him or her under this Act, or on the directions of the Board, shall, if the Court hold that such act was done in good faith, be paid out of the Fund of the Board, unless such expense is recovered by him or her in such suit or prosecution.


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]