Sixteen insurance companies registered with IBSL
RAMANI KANGARAARACHCHI
The Insurance Board of Sri Lanka (IBSL) said that sixteen companies
have been registered with the IBSL in terms of Regulation of Insurance
Industry Act No 43 of 2000. Eleven companies are involved with both Life
and General policies three with only General policies and another two
with only life policies.
The companies are ABC Insurance Company, Allianz Insurance, Allianz
Life Insurance Lanka, Amana Takaful, Asian Alliance Insurance, Ceylinco
Insurance, Ceylinco Takaful Company, Co-Operative Insurance Company,
Eagle Insurance, Hayleys AIG Insurance, HNB Assurance, Janashakthi
Insurance, Life Insurance Corporation, Seemasahitha Sanasa Rakshana
Samagama,Sri Lanka Insurance Corporation and Union Assurance.
There are also 54 registered broker companies and a larger number of
agents in the country. Four companies have not registered for 2008 and
the IBSL has refused to renew the registration of only one company for
2008 who has not fulfilled the requirements as per the regulations.
Director General IBSL L.S.A. Serasinghe told the Daily News Business
that the premiums under the relevant companies should be paid only to
those registered companies, Insurance broking companies and Insurance
agents registered with an insurance company.
Asked whether there are any irregularities in the industry due to the
current financial crisis taking place globally, she said, there is no
impact on the insurance industry so far and the IBSL will keep the
public informed through the media on all activities taking place as an
annual event so that people would be well aware about how they should
act.
On the question whether the demand for the new insurance policies has
declined, she said that it is too early to comment as business
activities have not picked up yet in the new year. |