Separation of life and non life activities

The supervisory authorities issued licenses to seven insurance companies that started their life activity in January 2015. These insurers had previously been able to underwrite both non life and life risks under the same banner.

As of 2011, the insurance code has provided for the mandatory separation of life and non life activities no later than January 31, 2015.

The seven newly licensed insurers are: AIA General Insurance Lanka, Amana Takaful Life, Asian Alliance General Insurance, Cooplife Insurance, HNB General Insurance, Janashakthi General Insurance and Union Assurance General.

In total, 12 companies were affected by the new legislation; five of them had obtained the necessary license before 1 January 2015.