Sri Lanka to exempt foreign owned insurers from listing

June 20, 2013 (LBO) – Sri Lanka will exempt foreign owned insurers from a compulsory requirement to list on the stock exchange, according to a proposal approved by the cabinet of ministers. Sri Lanka’s insurance law now requires all insurers to list by February 11, 2016 and insurers registered with the Insurance Board of Sri Lanka (IBSL) after February 11, 2011 to list within three years.

Fully foreign owned insurers that are owned by a holding company incorporated abroad and which is listed on a stock exchange acceptable to the IBSL is to be exempted if they make a request, under changes planned to the insurance law.

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