IRCSL suspends Sanasa Life Insurance’s long-term business licence over multiple violations

Sri Lanka
By Editor_1

COLOMBO – The Insurance Regulatory Commission of Sri Lanka (IRCSL) has suspended the long-term insurance licence of Sanasa Life Insurance Co. PLC over a series of serious regulatory breaches, the company announced in a disclosure to the Colombo Stock Exchange.

The suspension, effective from December 5 to December 26, has been imposed under Section 18 (1) (d), (f), (g) and (h) of the Regulation of Insurance Industry Act, No. 43 of 2000. Despite the suspension, Sanasa Life is still required to honour all obligations under policies already issued or underwritten, the IRCSL said.

According to the regulator, the decision was based on several grounds, including: conducting business in a manner detrimental to policyholders, the insurance industry, or national interest; failure to meet the required solvency margin; non-compliance with provisions of the Regulation of Insurance Industry Act and related rules, directives, and conditions; and providing false, inaccurate, or misleading data, including concealing material information

The IRCSL said the temporary suspension was necessary to protect policyholders and uphold the integrity of the insurance sector. Sanasa Life Insurance has not yet issued a public response to the regulator’s findings or indicated steps it intends to take to address the concerns raised.

-ENCL

Editor_1
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