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Press briefing of Cabinet Decision taken on 2020-07-22
Procurement of Reinsurance cover on Strike, Riot, Civil Commotion and Terrorism Fund for the year 2020/2021
- The National Insurance Trust Fund provides an insurance cover for the strike, Riot, Civil Commotion and Terrorism Fund for the General Insurance Companies in Sri Lanka. A reinsurance cover is obtained by the National Insurance Trust Fund from the reputed reinsurers/reinsurance brokers once again for the said insurance cover. Accordingly, international competitive bids have been invited for obtaining the said reinsurance cover for the year 2020 / 2021 and the proposal submitted by Hon. Prime Minister in his capacity as the Minister of Finance, Economy and Policy Development for awarding the reinsurance cover for M/s J. B. Boda & Co. (S) Pte. Ltd. (Lead Reinsurer - M/s Chaucer Syndicate 1084) at a total cost of Rs.116.39 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.