News Non-Life 29 Jan 2018

Sri Lanka:Court suspends activities of offshore insurance brokers

29 Jan 2018

Foreign companies that are not registered as insurance brokers in Sri Lanka have been barred from offering any insurance related services in the country.

Colombo District Court Judge Sujeewa Nishanka has issued an interim injunction to this effect when presiding over a case brought by Strategic Insurance Brokers (Sib), reported Colombo Gazette.

The Colombo-based complainant sought an enjoining order against a Singapore-based international reinsurance broking firm from holding itself out as an insurance broker, or engaging in any activity that concerns insurance brokering services in Sri Lanka, as it was not registered as a brokering company with the Insurance Regulatory Commission of Sri Lanka. Nor was the defendant a member of the accredited Brokers Association of Sri Lanka.

The complaint was that the defendant had been making bids for major insurance tenders and had been awarded tenders illegitimately by state statutory bodies such as the National Insurance Trust Fund.

Currently, a process is ongoing, challenging these awards, with Sib urged to exert its right to appeal against the tender awards.

The Presidential Appeals Board, Cabinet Approval Procurement Committee and the Ministerial Procurement Committees are currently perusing these appeals.


 

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