Legislation recently enacted by Parliament has enabled the state to scrutinize more closely companies involved in insurance and leasing. The relevant pieces of legislation are the Regulation of Insurance Industry Act 43/2000 and the Finance Leasing Act 56/2000
Companies that seek to carry on a business that falls within the scope of either act may now do so only through the person or body appointed to monitor that industry.
In the case of insurance the relevant regulatory body will be the Insurance Board of Sri Lanka, which is due to be constituted under Act 43/2000.
Companies carrying on the business of leasing must go through the department that handles finance leasing in the Central Bank of Sri Lanka.
For further information on this topic please contact Simon Senaratna at Simon & Associates by telephone (+94 1 38 19 06) or by fax (+94 1 38 19 07) or by e-mail ([email protected]).
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