Cabinet nod for setting up of life, general business subsidiaries by SLIC

Wednesday, 20 December 2023 00:26 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at its meeting on Monday has approved the setting up of subsidiaries to separately handle life and general business of Sri Lanka Insurance Corporation (SLIC).

This is consequent to the Cabinet in March this year, approving the segregation of the life and general insurance business of SLIC in line with the prevailing insurance market and the industry regulated by the Insurance Commission of Sri Lanka.

At Monday’s meeting, the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies to divest the life and general insurance business of Sri Lanka Insurance Corporation Ltd., to Sri Lanka Insurance Corporation Life Ltd., and Sri Lanka Insurance Corporation General Ltd., the wholly owned subsidiaries of SLIC.