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Sri Lanka: 3 composite insurers remain, 2 years after segregation deadline

Source: Asia Insurance Review | Apr 2017

Three insurers have so far failed to observe industry regulations requiring them to segregate their composite business and to list the segregated entities, two years after such rules came into force.
 
   Under the law, insurers were required to separate their life and general insurance businesses before 1 January 2015, and list the new entities on the Colombo Stock Exchange by 1 January 2016.
 
   The Insurance Board of Sri Lanka (IBSL) lists two state-owned insurance providers, Sri Lanka Insurance Corporation (SLIC) and MBSL Insurance, as well as a private company Sanasa Insurance as not having segregated or publicly listed their businesses.
 
   IBSL Legal and Enforcement Director Ranil Angunawela said that MBSL and Sanasa Insurance are in the process of acquiring funds to meet capital adequacy requirements before segregating their life and non-life businesses, reported the Daily Mirror.
 
   “For SLIC, there are ongoing discussions regarding segregation, and they have reached up to ministerial level, so I can’t comment on that,” he said. 
 
   At the end of 2016, there were 12 life insurance companies, 12 general insurance companies and three composite insurers in the country.
 
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