Circular # 18 (amended)
- 22 Dec 2006 -

(Circular#18 dated 18th January 2005 issued by the Insurance Board of Sri Lanka is hereby amended as follows)

All registered  insurance companies are required to ensure that the following are certified by the CEOs and CFOs  on a half yearly basis  and submitted to the Insurance Board of Sri Lanka  on or before 15th February and 15th August:

1. The Company has complied with all the legal and regulatory provisions of the RII Act.

2. The Company has arranged treaty and facultative reinsurance with approved reinsurers as per guidelines of IBSL, for all risk commitments exceeding  retention limits.

3. Reserving and solvency guidelines have been complied with and total reserves have matching admissible assets backing.

4. The equity capital meets the set minimum capital requirements in accordance with the applicable regulations.

5. Complied with Circular # 25 dated 1st December 2006  by inclusion of Premium  Payment Warranty in Policies in respect of General Insurance Business, wherever applicable.

Your co-operation in this regard is greatly appreciated.

Lasinee Seresinhe