Post-segregation IBSL licences 7 new insurance companies

Friday, 2 January 2015 00:00 -     - {{hitsCtrl.values.hits}}

The Insurance Board of Sri Lanka said yesterday it has granted licences to seven new insurance companies, to commence business operations from 1 January. These new companies were established by composite insurance companies to comply with the segregation requirement laid down in the Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011. The law requires composite insurers to segregate the two classes of insurance businesses (Long Term and General) in to two separate companies by February. The new Insurance Companies to which licences have been granted are as follows: (1) AIA General Insurance Lanka Ltd. (2) Amana Takaful Life Ltd. (3) Asian Alliance General Insurance Ltd. (4) Cooplife Insurance Ltd. (5) HNB General Insurance Ltd. (6) Janashakthi General Insurance Ltd. (7) Union Assurance General Ltd.