Disclosure Tariffs

The insurance watchdog is taking a serious look at mandating firms to get a listing on the Colombo Stock Exchange within three years, a top official said. The insurance watchdog is taking a serious look at mandating firms to get a listing on the Colombo Stock Exchange within three years, a top official said. The issue came up for discussion when the present Insurance Act was drafted, but mysteriously disappeared when the law eventually made its way to parliament.

The topic re-surfaces as the Insurance Board of Sri Lanka (IBSL) is trying to strengthen disclosure within the industry.

“The issue of listing companies is now before the Legal Draftsman and we hope to get a favourable response,” Officer In Charge of IBSL, Lasinee Serasinhe said addressing participants at the National Insurance Congress on Tue.

IBSL is of the view, that mandatory listing will infuse greater transparency and accountability, besides forcing insurers to publish their accounts.

Hydery Rehmanjee, who is a Director and former CEO of the quoted Union Assurance Ltd, points out that insurance firms should be mandated to publish their accounts in the interim.

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