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Sri Lanka LOLC sets up insurance subsidiary

Apr 05, 2010 (LBO) - Sri Lanka's Lanka ORIX Leasing Co.
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(LOLC) has set up an insurance subsidiary as it waits for a license to get into the insurance business, a stock exchange filing said.
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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.
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Operations of the new firm will start after it gets the license, the stock exchange filing said.

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