Cabinet nod to segregate life and general biz of SLIC

The Cabinet of Ministers this week approved a proposal to initiate the necessary measures to segregate the life and general insurance businesses of State-run Sri Lanka Insurance Corporation (SLIC) as distinct legal entities.
The Department of Government Information said this decision aligns with the provisions of the Insurance Industry Regularisation (Amendment) Act No. 3 of 2011 under Public Enterprise Reforms. 

The proposal in this regard was presented by President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilisation, and National Policies.
The proposal outlined the divestiture of life and general insurance business of Sri Lanka Insurance Corporation Limited to its wholly owned subsidiaries, namely, Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.