Amãna Takaful PLC transfers long-term business to Amãna Takaful Life Ltd
View(s):Amãna Takaful PLC recently announced that the company will be transferring its Life insurance business, ‘Family Takaful’ to Amãna Takaful Life Ltd with effect from January.
“The separation of Amãna Takaful’s Life and General insurance businesses will enable the company to run the two categories of insurance as separate business entities,” according to a company media statement.
The transfer is taking place following a mandatory requirement introduced by Section 53 of the Regulation of Insurance Industry Amendment, Act No. 3 of 2011 which requires all composite insurance providers to segregate their long-term and general insurance businesses.
“With effect from 1 January 2015, all Life insurance policies held by policyholders of Amãna Takaful PLC will be transferred to Amãna Takaful Life Ltd, which will operate as a wholly owned subsidiary. The transfer will come with the assurance that all obligations and responsibilities that the insurer has undertaken will continue unchanged. Amãna Takaful remains dedicated to providing all policyholders with a range of high quality insurance products and exceptional standards of service,” the company said.