Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsRights of certain holders of long term insurance policies to have recourse in certain circumstances to other assets of persons who have issued such policies and who have wound up or are taking steps to wind up the long term insurance business
| 76. Where on or after an insurer carrying on long term insurance business has wound up. or takes steps to wind up such business, and where the assets relating to such business have not been or are not sufficient to meet the liabilities subsisting under policies of long term insurance business issued by such insurer, then every holder of such a policy shall be entitled by action instituted m a court of competent jurisdiction to proceed against the private assets of each director of such insurer on or after that date, and recover any sum out-standing under such policy of insurance, where it has been proved that the winding up of the long term insurance business was due to the wilful negligence, fraud or dishonesty of each of those directors of the insurer. |