Insurance Corporation (Amendment)

Insurance Corporation (Amendment)

AN ACT TO AMEND THE INSURANCE CORPORATION ACT.No.2 OF 1961

BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :

[2^nd December
, 1986 ]

Short title.

1. This Act may be cited as the Insurance Corporation (Amendment) Act, No. 43 of 1986.

Amendment of section 6 of Act No.2 of 1961.

2. Section 6 of the Insurance Corporation Act, No.2 of 1961 (hereinafter referred to as the” principal enactment “), as amended by the Insurance (Special Provisions) Act, No. 22 of 1979, is hereby amended by the insertion, immediately after paragraph (a) thereof, of the following paragraph which shall have effect as paragraph (aa) thereof:

” (aa) to incorporate, under the provisions of the Companies Act, No. 17 of 1982, such number of subsidiary companies as the Corporation may deem necessary ;”.

Replacement of section 10 of Act No. 2 of 1961.

3. Section 10 of the principal enactment is hereby repealed and the following section substituted therefor :

Insurers authorized to transact new Insurance business.

10.

(1) Notwithstanding anything to the contrary in any other law no person other than the Corporation or a subsidiary Corporation, and independent corporation, or any company registered under the Control of Insurance Act, No. 25 of 1962, as being authorized to transact insurance business shall transact insurance business of any class whatsoever in Sri Lanka:

Provided, however, that the Minister may, by Order published in the Gazette, exempt any enterprise with which the Greater Colombo Economic Commission has entered into an agreement under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978, from all or any of the provisions of’ this Act.

(2) In this section, “enterprise” has the same meaning as in the Greater Colombo Economic Commission Law, No.4 of 1986.’.

Repeal of section 31 of the principal enactment.

4. Section 31 of the principal enactment is hereby repealed.