32.
| (1) Every insurer carrying on insurance business shall employ as a specified officer, at least one person possessing the qualification of Associate of the Chartered Insurance Institute, or an equivalent qualification acceptable to the Board, and having at least five years post qualification experience, at managerial level. |
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| (2) A person employed as a specified officer may also function as the principal officer of the insurer, provided such officer possesses the qualifications of a principal officer as determined by the Board under section 94. |
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Sri Lanka Consolidated Acts