- the proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to instruct the Legal Draftsman to draft amending legislation pertaining to the above Act, was approved by the Cabinet.  The salient feature of the proposed amendment is that, insurers who are engaged in carrying on both long term insurance business and general insurance business, under the valid license issued by the Insurance Board of Sri Lanka (IBSL), are required to segregate the two businesses within four years from the date of coming into operation of the Act, into two companies, one to carry on life insurance and the other to carry on general insurance.