50.
| (1) every insurer shall from time to time furnish the Board with certified copies of its reinsurance treaties (including treaties which are revised), contracts and arrangements relating to any class of insurance business transacted by such insurer in Sri Lanka : |
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| (2) The Board shall have the power to review all reinsurance treaties, contracts and arrangements furnished to it under subsection (1). for the purpose of determining whether such treaty, contrail or arrangement is in any way detrimental, to the interest of the insurer, the insured or to the development of the insurance industry or to the national interest. Where the Board is of the view that the interests of the insurers and the public are not adequately safeguarded, the Board shall have the power to recommend any amendments that it considers necessary for the development of the insurance industry. |
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| (3) Where any recommendations are made for amendments, it shall be the duty of the insurer to make the necessary amendments to such treaty, contract or arrangement as the case may be, when such treaty, contract or arrangement comes up for renewal. |
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Sri Lanka Consolidated Acts