Amendments to Insurance, People’s Bank Acts

Friday, 16 August 2013 03:41 - - {{hitsCtrl.values.hits}}

Cabinet has given approval for the Legal Draftsman to draft an amending legislation to increase the share capital of People’s Bank. Cabinet spokesman Minister Keheliya Rambukwella noted that it was too early to speculate how share capital will be increased after the amendments to the People’s Bank Act No. 29 of 1961 but did not rule out the possibility of listing on the Colombo Stock Exchange. Similarly, the Regulation of Insurance Industry Act No. 43 of 2000 will be amended by the Legal Draftsman. “The salient feature of the proposed amendment is that insurers who are engaged in carrying out both long term insurance business and General insurance business under the valid license issued by the Insurance Board of Sri Lanka, are required to segregate the two businesses within four years from the date of coming into operation of the Act, into two companies, one to carry on Life insurance and the other to carry on General insurance,” the Cabinet paper noted.

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