Sri Lanka: Agents could soon be allowed concurrent employment by two types of insurers

| 08 Aug 2017

Sri Lanka's Finance Ministry has proposed amendments to the insurance law that, among other measures, will pave the way for insurance agents to be employed by one general insurance firm and one life insurance firm, compared to the current law allowing an agent to be employed by only one company.

In 2011, amendments to the country’s insurance law directed composite insurance companies to segregate their life and general insurance businesses into separate companies. While some companies sold off segregated business as a result, many have kept both life and general insurance businesses under the same brands, at times bundling services in one package.

The amendments will be presented to parliament this month, Ms Indrani Sugathadasa, Chairperson of the Insurance Board of Sri Lanka (IBSL) told Mirror Business.

The IBSL is expected to be renamed as the Insurance Regulatory Commission of Sri Lanka (IRCSL) under the same legislative amendment.