SLIC to be split into Life and General units
The Sri Lanka Insurance Corporation (SLIC) will be split into two entities namely Life and General before its restructure and the background to this process is nearing completion, Finance Ministry officials said.
The Regulation of Insurance Industry (Amendment) Act, No.03 of 2011 requires an existing insurer to be listed on the Colombo Stock Exchange (CSE). Insurance Companies were asked to segregate their business into two separate companies before obtaining a mandatory public listing to promote greater transparency and encourage better governance but SLIC was exempted in a 2014 letter to the SLIC trade unions by the finance ministry saying that SLIC isn’t required to segregate the Life and General Insurance businesses and also that they need not list on the CSE – both rules that had to be followed by all other private insurance companies.
Now with SOE restructuring efforts, the state insurance arm will be split into life and general units, as per the instructions provided to the State-owned Enterprise Restructuring Unit (SRU) of the Ministry of Finance by the Committee on Public Enterprises. The request for proposals to invest in SLIC will go out in the first quarter of next year.
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