94.
| (1) Every insurer and broker shall maintain a principal office, and appoint as its principal officer a person having such qualifications as shall be determined by the Board by rules made in that behalf, who shall be responsible for the general control, direction and supervision of its business activities. |
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| (2) The Board shall, taking into consideration the obligations an insurer or broker owes to the insured public and the need to ensure that persons qualified or having experience in the field of insurance are employed as principal officers, have the power to object to the appointment of a principal officer where it considers such person to be unfit and unsuitable to hold such position. |
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| (3) Where the Board objects to an appointment of a principal officer under subsection (2), the insurer or broker as the ease may be. who employed him or her. shall revoke his or her appointment and appoint another in his or her place. |
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Sri Lanka Consolidated Acts