Ceylinco Takaful registration suspended for 3 weeks

Financial Times

The Insurance Board of Sri Lanka (IBSL) suspended the registration of Ceylinco Takaful for general insurance for three weeks, according to a statement by the regulator.

“In terms of section 18 of the Regulation of Insurance Industry Act, No. 43 of 2000 for a period of three weeks with effect from 5th August 2009 Ceylinco Takaful Ltd. is prohibited from issuing new insurance policies in respect of General Insurance Business until the suspension is removed and informed in writing to this company by the IBSL. A renewal of an insurance policy in respect of General Insurance Business is considered as a new contract/new insurance policy,” an IBSL statement said.

It said that Ceylinco Takaful Ltd. is required to fulfill its obligations for insurance policies already issued and that until the IBSL informs otherwise, the suspension imposed on Ceylinco Takaful Ltd. remains unchanged till 4.30 pm of 26th August 2009.

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