Cabinet approval has been granted to divest the life and general insurance business of Sri Lanka Insurance Corporation Limited.
Accordingly, Sri Lanka Insurance Corporation Limited will be segregated into Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
The government said Cabinet approval was given in March 2023 for taking the necessary steps to operate the life and general insurance businesses of the Sri Lanka Insurance Corporation as separate legal entities.
This was proposed in pursuance of the provisions of the Insurance Industry Regularization (Amendment) Act No. 3 of 2011 under Public Enterprise Reforms.
Accordingly, the Cabinet of Ministers approved the proposal presented by the President, in his capacity as the Finance Minister, to divest the life and general insurance business of Sri Lanka Insurance Corporation Limited. (NewsWire)
