Sixteen insurance companies registered with IBSL

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.