62.
| (1) If at any time the Board has from information available to it from any source whatsoever, reason to believe that an insurer who is carrying on long term insurance business or general insurance business or long term insurance business and general insurence business. has acted in a manner prejudicial to the interests of holders of insurance policies or is acting in a manner likely to be prejudicial to the interests of holders of insurance policies, it may. after giving such opportunity to the insurer of being heard as it thinks fit, make a report thereon to the Minister. |
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| (2) The Minister, if he is of opinion after considering the report that it is necessary and proper to do so. may appoint an administrator to manage the business of the insurer under the direction and control of the Board. |
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| (3) An administrator appointed under subsection (2) shall receive such remuneration as the Minister may direct, and such remuneration shall be payable out of the funds of the business which is managed by the administrator. |
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| (4) The management of the business of an insurer shall, on and after the date of appointment of an administrator under subsection (2). vest in such administrator and the insurer shall cease to exercise any power in relation to such business during the period of the administration : |
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| (5) The Minister may at any time revoke the appointment of any person as administrator and appoint some other person as and thereupon the first-mentioned person shall be divested of the management of the affairs of the administrator. |
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| (6) The Board may issue such directions to the administrator as to his or her powers and duties as the Board may deem desirable in the circumstances of the ease, and the administrator may apply to the Board at any time for instructions as to the management of the business of the insurer or in relation to any matter arising in the course of such management. |
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Sri Lanka Consolidated Acts