Looking Offshore

Insurance industry has been lobbying for this facility for many years, due to the dearth of long-term investible products and fluctuating local interest rates.

rnrnldblquote Until the capital account is fully liberalised, we can only help out individual companies, provided they lobby their case effectively,
dblquote Exchange Controller, H A G Hettiarachchi told participants at a consultative seminar on the Insurance Industry Wednesday.

rnrnLocal insurers are also asking permission to sell all types of insurance products to foreign currency holders.

rnrnldblquote At the moment we are restricted to selling travel and medical policies to non resident foreign currency holders,
dblquote says Sarath Wikramanayake, President Insurance Association of Sri Lanka.

rnrnDespite this restriction, participants said a number of foreign insurance brokers are currently selling all types of policies to foreign currency holders. These foreign brokers are not registered with the regulator, the Insurance Board of Sri La