National Insurance Trust Fund Act

Arrangement of Sections

1. Short title.

2. Application of this Act.

PART I

Establishment of National Insurance Trust Fund

3. Establishment of the National Insurance Trust Fund.

4. Establishment of the National Insurance Trust Fund Board.

5. Seal of the Board.

6. Members of the Board.

7. Terms of office of nominated members.

8. Disqualification for being appointed as a member.

9. Vacancy among members not to invalidate acts and proceedings of the Board.

10. Remuneration and terms and conditions of service of members.

11. Meeting and quorum at meetings of the Board.

12. The objectives of the Board.

13. Powers and duties of the Board.

14. Contributions.

15. Investments.

16. Audit of accounts of the Board.

17. Annual report of work.

18. Payments into the Fund.

19. Payments out of the Fund.

20. Collection of contributions from persons to whom the Act applies.

PART II

Staff of the Board

21. Appointment of officers and servants.

PART III

Miscellaneous

22. Board or officer authorised by it to issue directions to employer.

23. Powers of members of the board or authorised officer to inspect premises.

24. Offences and penalties.

25. Liability of certain persons in respect of offences committed by bodies corporate or unincorporated.

26. No prosecution for an offence to be instituted without the sanction of the Board.

27. Prosecution under this Act no bar to a civil action.

28. Regulations.

29. Sinhala text to prevail in case of inconsistency.

30. Interpretation.

28 of 2006,

28 of 2007.

AN ACT to provide for the establishment of a fund called the National Insurance Trust Fund and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 29th August, 2006]

1. Short title.

This Act may be cited as the National Insurance Trust Fund Act.

2. Application of this Act.

The provisions of this Act shall apply in relation to—

(a) public officers;

(b) persons retired from public office who are in receipt of a pension from the government;

(c) officers of the provincial public service;

(d) persons retired from the provincial public service who are in receipt of a pension from the respective Provincial Council;

(e) members of local government service;

(f) persons retired from the local government service who are in receipt of a pension from the local government service;

(g) persons receiving benefits under the Samurdhi Authority Act, No. 30 of 1995;

(h) farmers, fishermen and persons engaged in self-employment;

(i) needy persons or group of persons as may from time to time be identified by the Minister by Order published in the Gazette subject to any limitations contained herein; and

(j) any property of the government which may be identified from time to time by the Minister by Order published in the Gazette.

PART I

Establishment of National Insurance Trust Fund

3. Establishment of the National Insurance Trust Fund.

There shall be established a Fund to be called the National Insurance Trust Fund (hereinafter referred to as "the Fund”) from which benefits shall be paid to persons to whom the provisions of this Act shall apply. There shall be paid into the Fund such moneys as are specified in section 18.

4. Establishment of the National Insurance Trust Fund Board.

(1) There shall be established a body called the National Insurance Trust Fund Board (hereinafter referred to as "the Board”) consisting of such persons as are specified in section 6.

(2) The Board shall, by the name assigned to it by subsection (1), be a body corporate having perpetual succession and a common seal and may sue and be sued in its corporate name, and may perform such acts as bodies corporate may by law perform.

5. Seal of the Board.

(1) The Seal of the Board shall be in the custody of such person as the Board may decide from time to time.

(2) The Seal of the Board may be altered in such manner as may be determined by the Board.

(3) The Seal of the Board shall not be affixed to any instrument or document except in the presence of the Chairman of the Board, and one other member of the Board, both of whom shall sign the instrument or document in token of their presence:

Provided that where the Chairman is unable to be present at the time when the Seal of the Board is affixed to any instrument or document, any other member authorised in writing by the Chairman in that behalf, shall be competent to sign such instrument or document in accordance with the preceding provisions of this subsection.

(4) The Board shall maintain a register of every instrument or document to which the Seal of the Board is affixed.

6. Members of the Board.

(1) The Board shall consist of the following members who shall be appointed by the Minister—

(a) an officer of the Ministry of the Minister to whom the subject of Finance is assigned;

(b) the Chief Accountant of the Ministry of the Minister to whom the subject of Finance is assigned;

(c) an officer of the Ministry of the Minister to whom the subject of Health is assigned;

(d) an officer from the Ministry of the Minister to whom the subject of Public Administration is assigned; and

(dd) the Director-General of the Insurance Board of Sri Lanka, established by the Regulation of Insurance Industry Act, No. 43 of 2000;

[S 6(1)(dd) ins by s 2 of Act 28 of 2007.]

(e) three persons to be nominated by the Minister from among persons possessing qualifications or expertise in the fields of finance, banking, insurance, management or law.

(2) The Chairman of the Board shall be appointed by the Minister.

7. Terms of office of nominated members.

(1) Every nominated member shall hold office for a period of five years from the date of appointment, unless he earlier vacates office by death resignation or removal.

(2) An nominated member may resign from his office by written communication addressed to the Minister in that regard.

(3) The Minister may by written communication addressed to any nominated member, remove such member from office for reasons assigned.

(4) A nominated member to whom a communication is addressed under subsection (3), shall cease to hold office with effect from such date as may be specified in such communication.

(5) A nominated member who has been removed from office shall not be eligible for re-appointment as a member of the Board or to serve the Board in any other capacity.

(6) Upon any nominated member ceasing to hold office, the Minister may appoint any other person to fill such vacancy and such person shall hold office for the un-expired period of the term of office of the member whom he succeeds.

(7) Where any member is temporarily unable to perform the duties of his office on account of ill health, absence from Sri Lanka or any other cause, the Minister may appoint any person to act in place of such member.

8. Disqualification for being appointed as a member.

A person shall be disqualified from being appointed, or from continuing, as a member if he—

(a) is a Member of Parliament, a member of a Provincial Council or a member of a local Authority; or

(b) is under any law in force in Sri Lanka or in any other country found or declared to be of unsound mind; or

(c) is a person who, having been declared an insolvent or a bankrupt under any law in Sri Lanka or in any other country, or is an undischarged insolvent or bankrupt; or

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