Sri Lanka Consolidated Acts

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Regulation Of Insurance Industry Act (No. 43 of 2000) - Sect 36

Power of Board to fix rates of tariffs in respect of certain sub- class of insurance

36.
(1) The Board may from time to time, where it is of the view that policy holders are being adversely affected by any tariff limits set by insurers fix the minimum tariff for motor, fire and employers liability, to be charged by such insurers in respect of policies of insurance to be issued by them, and also may fix the maximum tariff for motor insurance business.
(2) No insurer shall accept as under a contract or policy of insurance affected or issued by it in respect of such subclass of insurance as is referred to in subsection (1) an amount which is "
(a) less than the minimum sale that may be fixed in respect of motor, fire and employers liability under subsection (1); or
(b) higher than the maximum sale that may be fixed in respect of motor insurance under subsection (1).

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