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

Sri Lanka Consolidated Acts

Qualifications for registration,

13.

(1) No person shall be registered to carry on. either one or both classes of insurance business in Sri Lanka, unless such person"

	(a) is a public company incorporated in Sri Lanka and registered under she Companies Act. No 17 of 1982 ;

	(b) has a paid up share capital of no than the prescribed amount :

	(c) pays as deposit to the Treasury such amount as may be determined by the Board, by rules made in that behalf;

	(d) pay the prescribed fee : and

	(e) fulfil such other requirements as may be laid down by the Board by rules made in that behalf, for the purpose of ensuring the proper conduct of insurers to safeguard the interests of the insured public and for the development of the insurance industry.

(2) For the purpose of paragraphs (b), (c) and (d) of subsection (1)different amounts may be prescribed for different classes of insurance business.