Circular #16
- December 14, 2004 -

It has come to the attention of the Insurance Board of Sri Lanka that certain Insurers, have in violation of section 34 of the Regulation of Insurance Industry Act, No. 43 of 2000 ("Act"), accepted insurance business from certain organizations, which have not been registered as Insurance Brokers under the Act.

It has also come to the attention of the Insurance Board of Sri Lanka, that certain Insurers and Insurance Brokers have in contravention of section 78(1) of the Act, appointed certain companies as Insurance Agents.

All Insurers and Insurance Brokers are hereby directed to discontinue such practice with immediate effect. Insurers and Insurance Brokers are hereby informed that any Insurer or Insurance Brokers who fails to comply with this direction shall be guilty of an offence under the Regulation of Insurance Industry Act No 43 of 2000, and that if any Insurer or Insurance Brokers contravenes sections 34 or 78(1) of the Act, such Insurer or Insurance Broker shall be dealt with under the provisions of the said Act.

Dr. Dayanath C. Jayasuriya
CHAIRMAN
INSURANCE BOARD OF SRI LANKA

LSAS/ss