Sri Lanka LOLC sets up insurance subsidiary

Apr 05, 2010 (LBO) – Sri Lanka’s Lanka ORIX Leasing Co. (LOLC) has set up an insurance subsidiary as it waits for a license to get into the insurance business, a stock exchange filing said. Lanka ORIX Leasing Co. was the island’s pioneer leasing firm and is backed by ORIX Corporation of Japan. The unit, called LOLC Insurance Company, has been set up as a fully-owned subsidiary of Lanka Orix Leasing Company as “a prerequisite” for applying for an insurance license.

Operations of the new firm will start after it gets the license, the stock exchange filing said.