Major amendment of the insurance code

Regulatory authorities have asked insurance companies to be all listed on the Colombo Stock Exchange before the end of 2015. So far, only seven out of the 21 insurers in the country have met this requirement. Moreover, they are required to separate life and non-life business by creating independent entities before 2014. The sector, which is witnessing significant development in recent years, is likely to grow from 12 to 13% in 2013.

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