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IBSL issues licenses to 7 new insurance companies
The Insurance Board of Sri Lanka has granted licenses to seven new insurance companies, to commence business operations from 1st January 2015.These new companies were established by composite insurance companies to comply with the segregation requirement laid down in the Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011. The law requires composite insurers to segregate the two classes of insurance businesses, life and general, in to two separate companies by February 2015.
The new insurance companies to which licenses have been granted are; AIA General Insurance Lanka Ltd., Amana Takaful Life Ltd., Asian Alliance General Insurance Ltd., Cooplife Insurance Ltd., HNB General Insurance Ltd., Janashakthi General Insurance Ltd., and Union Assurance General Ltd.
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