Jan 07, 2015 (LBO) – Sri Lanka’s composite insurers are on track to complete a regulatory push to split their businesses despite legal affairs delayed several insurers, a senior official said.
Director General of the island’s insurance regulator Damayanthi Fernando told LBO that seven out of twelve composite insurers have so far completed their segregation requirements.
AIA General Insurance Lanka, Amana Takaful Life, Asian Alliance General Insurance, Cooplife Insurance, HNB General Insurance, Janashakthi General Insurance and Union Assurance General have been awarded new licenses with effect from January 01, 2015.
Others are also under evaluation and would be segregated on time unless court approvals delayed the process, Fernando said.
The regulation of insurance industry (amendment) act requires composite insurance companies segregate the long-term (life) and non-life insurance businesses into two separate entities by February this year.
The insurance regulator is yet to issue new licenses for Sri Lanka Insurance Cooperation, Ceylinco insurance, LOLC insurance, and MBSL.
Sanasa Insurance Company will also get the license once they obtain the distr