A resolution at the forthcoming annual general meeting of the firm on Kotelawala's re-lection will not be taken up and Kotelawala will cease to be a director of Ceylinco Insurance from May 28, the statement said.
Kotelawala, one of the island's most prominent businessmen, is now on bail after several months in remand over alleged fraud at Golden Key Credit Card Company, an unlisted Ceylinco subsidiary.
Ceylinco Insurance, which was part of the Ceylinco group, is operating as an independently managed firm with new shareholders.
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Regulators intervened when the group was affected by the collapse in 2008 of Golden Key, an unregulated financial firm, which triggering runs on group firms.
The Ceylinco group has put on sale several of its subsidiaries and properties to raise funds to repay depositors of Golden Key.