SLIC not received warranty deposited Seychelles, Maldives
Sri Lanka Insurance is required to obtain US $ 500,000 insurance regulators in the Seychelles and Maldives have been deposited as collateral, Sri Lanka Insurance Corporation Joint Managing Director T.M.R. Jayah Bangsa said.
In an interview with Daily Business News he said they found that the operations in Seychelles that were initiated by the administration appointed by the previous government are not profitable.
"There is a limited population in the Seychelles and there are only a few motor vehicles to insure. In addition to this there are three well established Seychelles insurers and competing with them is almost impossible due to a limited population .
"Therefore, he recently decided to retire after a decision of the board." Commenting on operations in the Maldives, he said that although Sri Lanka Insurance (SLI) was before Ceylinco insurance, the SLI product was neglected. "Because of this Ceylinco now you have the edge and we can not compete and decided to retire."
The MD was asked the two countries to make a deposit of $ 250,000 each, and Sri Lanka Insurance has not yet received this Seychelles and Maldives. When asked to comment on ongoing investigations into irregularities, he said the current government is working closely with the researchers (FCID) and helps.
"New documentary evidence Now we have found CSN (Sports TV channel) comes with the SLI and we sent the FCID.
Chayah said that some incidents have come to light, where some of the former senior executives have made SLI painting payments even their private residences