54.
| (1) Where the Board has reason to believe "
| | (a) that the interests of the policy holders of an insurer are in danger ; or | | |
| | (b) that any insurer is unable to meet its obligations or has made default in complying with any of the provisions of this Act, | | |
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| (2) The cost and expenses of any investigation under subsection (1) shall be paid for by the insurer. |
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| (3) In Carrying Out an investigation under this section, the Board may. by notice in writing require "
| | (a) the insurer, or any person having the custody of books of accounts, records or other documents on behalf of the insurer; | | |
| | (b) any person who is or has at any time been or acted as a director, actuary, auditor, an officer or servant or agent of the insurer; or | | |
| | (c) any past or present member or policy holder of the insurer | | |
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| (4) In making an investigation under this section, the Board may require any such individual as is specified in subsection (3). to attend before it and be examined on oath with respect to the insurer's business, and for the purpose of this section, it may administer oaths. |
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| (5) Any person who refuses or fails when required to do so under subsection (3) or (4) to produce any document in his or her custody or to attend for or submit for examination by the Board or any person appointed by it, or to answer any question put to him or heron such examination, shall be guilty of an offence and shall on conviction after summary trial before a Magistrate be liable to a fine not less than fifty thousand rupees, |
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| (6) The results of any investigation made under this section shall be recorded in writing by the auditor or actuary appointed, as the case may be. and copies of the record shall be supplied to the Board and to the insurer. |
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Sri Lanka Consolidated Acts