Insurance Board extends suspension of registration on Ceylinco
The Insurance Board of Sri Lanka (IBSL) has further extended the
suspension of registration imposed on Ceylinco Takaful Ltd. in respect
of General Insurance Business in terms of Section 18(4)(b) of the
Regulation of Insurance Industry Act, No. 43 of 2000 for one year
commencing from December 9, 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 Ceylinco Takaful Ltd. by the IBSL.
A renewal of an insurance policy in respect of General Insurance
Business is considered as a new contract/new insurance policy, a release
In terms of Section 18(2) of the Regulation of Insurance Industry
Act, No. 43 of 2000, Ceylinco Takaful Ltd. is required to fulfil its
obligations for insurance policies already issued.