• Increase font size
  • Default font size
  • Decrease font size

Press briefing of Cabinet Decision taken on 2020-07-22
Procurement of Retrocession cover on 30% Compulsory Reinsurance Cession on the Reinsurance programme of the General Insurance Industry of Sri Lanka for the year 2020/2021
- The National Insurance Trust Fund provides a 30% Compulsory Reinsurance Cession for the General Insurance Industry of Sri Lanka. Further, the National Insurance Trust Fund obtains a retrocession from reputed reinsurers /reinsurance brokers for the purpose. Accordingly, the international competitive bids have been invited for obtaining the reinsurance cession for the year 2020 / 2021 and the proposal submitted by the Hon. Prime Minister in his capacity as the Minister of Finance, Economy and Policy Development for awarding the reinsurance coverage to M/s J. B. Boda & Co. (S) Pte. Ltd. (Lead Reinsurer - M/s Everest Reinsurance Company) at a total cost of Rs.985.5 million for a period of 18 months from the date of awarding of the relevant contract, as recommended by the Standing Cabinet Appointed Procurement Committee, was approved by the Cabinet.