Financial Times

Insurance board suspends broker
The Insurance Board of Sri Lanka (IBSL) has suspended the operations of APL Insurance Brokers after the company failed to comply with regulations, which stated that it should employ a "specified officer" with qualifications approved by the board.

Policyholders who have done business through the company have been advised to make premium payments directly to the insurance companies. According to IBSL rules all insurance brokers are required to employ a "specified officer" whose qualifications must be approved by the IBSL.

"In the case of APL Insurance Brokers, the specified officer left the company and they could not recruit a replacement," an IBSL official said. "It is dangerous to run a company without a specified officer as they are the ones who advise clients. So we had to suspend their operations." The company, whose operations were suspended on September 16, can resume business once it finds a replacement. APL Insurance Brokers officials were not available for comment.

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