Press briefing of Cabinet Decision taken on 2015-12-16

Reinsurance Cover (Retrocession) for National Insurance Trust Fund for the year 2016

- It is mandatory for all general insurance companies in Sri Lanka to place 30% of their reinsurance requirements at the National Insurance Trust Fund (NITF). With a view to minimizing the risks that have to be borne by the NITF that may arise from the reinsurance coverage so provided, due to any exceptional catastrophe, the proposal made by the Prime Minister, Hon. Ranil Wickremasinghe, in his capacity as the Minister of National Policies and Economic Affairs, to obtain a reinsurance cover from foreign reinsurance companies, was approved by the Cabinet.