Sri Lanka Janashakthi Insurance suspension lifted

May 27, 2009 (LBO) – Sri Lanka’s insurance regulator said it had lifted a suspension on the registration of Janashakthi Insurance from today, after the firm showed “sufficient cause”.

Janashakthi said it last week it was making fresh proposals to meet the regulator’s concerns.

“The Insurance Board of Sri Lanka has accepted the Company’s explanations and the suspension has been accordingly revoked,” managing director Prakash Schaffter said in a statement.

“We thank all our customers, shareholders, staff, business associates and the general public for the demonstration of their trust and confidence in the Company and are deeply grateful to them for their forbearance and loyalty.”

Updated The Insurance Board of Sri Lanka (IBSL) said it had removed the suspension from 2.00 pm today. The firm’s registration was suspended on May 12.