THE INSURANCE BOARD OF SRI LANKA (IBSL) FURTHER EXTENDS THE SUSPENTION OF REGISTRATION IMPOSED ON CEYLINCO TAKAFUL LIMITED UNDER SECTION 18 OF THE REGULATION OF INSURANCE INDUSTRY ACT, NO. 43 OF 2000
The Insurance Board of Sri Lanka 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 a period of three weeks commencing from 4.31 pm of 7th October 2009 to 4.30 pm of 28th October 2009.
Accordingly, 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.
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.
Until the IBSL informs otherwise, the suspension of registration imposed hereby on Ceylinco Takaful Ltd. remains unchanged till 4.30 pm of 28th October 2009.