Regulator suspends Sanasa Life registration for three weeks

Wednesday, 10 December 2025 03:01 - - {{hitsCtrl.values.hits}}

Sanasa Life Insurance Company PLC yesterday said that its licence to conduct long-term insurance business has been suspended by the Insurance Regulatory Commission of Sri Lanka (IRCSL), following a directive issued on 5 December.

The company said the IRCSL imposed the suspension under Sections 18(1)(d), (f), (g) and (h) of the Regulation of Insurance Industry Act, No. 43 of 2000, which deal with instances where an insurer is found to be in breach of statutory requirements or regulatory conditions.

The order takes effect from 5 December and will remain in place until 26 December, covering a three-week period in terms of Section 18(2) of the Act.

The company did not provide further details on the reasons for the suspension.