IBSL extends suspension on Ceylinco Takaful
The Insurance Board of Sri Lanka (IBSL) has further extended the
suspension of registration imposed on Ceylinco Takaful Ltd. in respect
of General Insurance Business in terms of Section 18(4)(b) of the
Regulation of Insurance Industry Act, No: 43 of 2000 for three weeks
commencing from 4.31 p.m. on October 7 to 4.30 p.m. on October 28, said
Director General, Insurance Board of Sri Lanka.
Accordingly, Ceylinco Takaful Ltd. is prohibited from issuing new
insurance policies in respect of General Insurance Business until the
suspension is removed and informed in writing to Ceylinco Takaful Ltd.,
by the IBSL.
A renewal of an insurance policy in respect of General Insurance
Business in considered as a new contract/new insurance policy.
In terms of Section 18(2) of the Regulation of Insurance Industry
Act, No. 43 of 2000, Ceylinco Takaful Ltd. is required to fulfil its
obligations for insurance policies already issued.
Until the IBSL informs otherwise, the suspension of registration
imposed hereby on Ceylinco Takaful Ltd. remains unchanged till 4.30 p.m.
on October 28. |