Asian Alliance Insurance PLC said on Tuesday that is has successfully achieved the segregation of its Life and General Insurance operation as of 1st January 2015, as per the Regulation of Insurance Industry (Amendment) Act No 3 of 2011.
Complying with the legal requirement, the company, has obtained all the required regulatory and court approvals to transfer its general business to a wholly-owned subsidiary named, Asian Alliance General Insurance Ltd effective from 1st January 2015, the company said.
Ramal Jasinghe, Director/Chief Executive Officer, Asian Alliance Insurance, commented: “… we are in a better position to offer focused and enhanced customer care to our customers. We assure our stakeholders of our uninterrupted dedicated service that they have come to expect from us”.
The new amendment required insurance companies engaged in both life insurance business and general business to segregate operations into two separate entities before 7th February 2015. Although the process of splitting was complex, Asian Alliance Insurance kept the best interests of the policyholders in this segregation exercise to ensure that policyholders received uninterrupted service. Keeping in line with its principles of transparency and accountability, Asian Alliance Insurance has kept its customers informed about the new regulation and took strong measures to safeguard the policyholders’ interests at all times, according to a company statement.