Sri Lanka Consolidated Acts

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Regulation Of Insurance Industry Act (No. 43 of 2000) - Sect 12

Insurance business to be carried on by companies registered under this act

12.
(1) Subject to the provisions of this Act. from and after the appointed date, no person shall curry on insurance business in Sri Lanka unless such person is for the time being registered or deemed to be registered under this Act to carry on such business.
(2) A registration under subsection (1) may be for general insurance business or for long term insurance business or for both general and lung term insurance business.
(3) Notwithstanding the provisions of subsection (1). the provisions of this Act shall not apply in respect of the Agricultural and Agrarian insurance Board established by the Agricultural and Agrarian Insurance Act, No. 20 of 1999. the Sri Lanka Export Credit Insurance Corporation established by the Sri Lanka Export Credit Insurance Corporation Act. No. 15 of 1978 and the Social Security Board established by the Social Security Board Act. No. 17 of 1996.
(4) A person registered under subsection (1) shall not carry on any form of business other than insurance business :

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