AIA Insurance Lanka PLC has obtained all requisite approvals from its shareholders as well as the District Court and High Court of the Western Province exercising civil jurisdiction for the segregation of its general insurance business and its transfer to AIA General Insurance Lanka Ltd. with effect from Jan. 1, 2015, the company said in a Stock Exchange filing.
"The Segregation arises as mandated by Section 53 of the Regulation of Insurance Industry (Amendment) Act No. 03 for 2011 and as approved by the Insurance Board of Sri Lanka," the filing said.
Insurance companies in business here have been required to separate their life and general businesses.
AIA General Insurance Lanka Ltd. was incorporated on March 24, 2014, the filing said. FEARSOME FILES
AIA hives off its general insurance business
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