Janshakthi Insurance Co. kicks off its expansion plans for the New Year with a branch office in the Maldives later this month.rn
rnThe company has been dealing with the Maldives for sometime, through a few insurance brokers.
rnrnldblquote The branch gives Maldivians a direct contact point to us and we will initially concentrate on general insurance,
dblquote Janashakthi Director/General Manager, Prakash Schaffter told Lanka Business Online.
The branch would act as an agency to process and service policies on Maldivian business written out of Janshakthi
quote s office in Colombo.
The Maldivian insurance sector is at a very nascent stage. Regulation itself is rather passive notes Ibrahim Naim Ismail, Assitant Manager (Insurance) of the Maldivian Monetary Authority.
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ldblquote There are no laws governing the insurance industry and the government does not actively supervise the companies engaged in the insurance business,
dblquote Ismail said.
Two firms endash Allied Insurance Company and a branch o