113.
| (1) The Control of Insurance Act. No. 25 of 1962 is hereby repealed. |
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| (2) Notwithstanding the repeal of the aforesaid Act:"
| | (a) every company registered to carry on insurance business of any class under the repealed Act shall be deemed to be a company registered under the provisions of this Act to carry on insurance business of that class ; | | |
| | (b) every person registered to carry on business as an insurance broker under the repealed Act, shall be deemed to be a person registered under the provisions of this Act as an insurance broker; | | |
| | (c) every regulation or rule made or directive issued under the repealed Act, as is in force on the appointed date, in so far as such regulation, rule or directive is not inconsistent with the provisions of this Act. shall be deemed to be a regulation or rule made under this Act and may be amended or rescinded by regulations or rules made or directive issued under this Act ; | | |
| | (d) every action, prosecution or proceeding instituted by or against the Controller of Insurance under the repealed Act and pending in any Court, whether original or appellate, on the appointed date, shall be deemed to be an action, prosecution or proceeding instituted by or against the Board and every such action, prosecution or proceeding may be proceeded with to completion and be enforced accordingly ; and | | |
| | (e) any decree, order or award entered or made in favour of or against the Controller of Insurance by any Court or tribunal or other body in any action, matter or proceeding or thing and remaining unsatisfied on the appointed date shall with effect from the appointed date, be deemed to be a decree, order or award entered or made in favour or against the Board and may be enforced accordingly. | | |
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| (3) Where any insurer who is deemed to be an insurer under subsection (2) had been registered under the repealed Act to do life assurance business and has not as on the appointed date completed three years of such business from the date of such registration, he or she shall, cause an investigation to be made by an actuary at least once a year till it completes the three years, into the financial condition of such business, including a valuation of its assets and liabilities in respect of that business and shall cause an abstract in be made in accordance with rules made in that behalf by the Board. The actuary shall certify whether the reserves are adequate to meet the current and contingent liabilities of its policy holders. |
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Sri Lanka Consolidated Acts