Press briefing of Cabinet Decision taken on 2023-12-18 (Subject to Confirmation at the next Meeting)

Segregation of Insurance Business of the Sri Lanka Insurance Corporation

- The Cabinet at its meeting held on 2023‑03‑13 has granted approval to take necessary action to operate the life and general insurance businesses of the Sri Lanka Insurance Corporation as separate legal entities in compliance with the provisions of the Regulation of Insurance Industry (Amendment) Act No. 3 of 2011 under the State enterprises restructuring. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to segregate the life and general insurance businesses of Sri Lanka Insurance Corporation Limited to the fully owned subsidiaries of the said Corporation, Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited, was approved by the Cabinet.