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Sri Lanka regulator reinstates MBSL Insurance license

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Sri Lanka regulator reinstates MBSL Insurance license

The Insurance Regulatory Commission of Sri Lanka restored the license of Merchant Bank of Sri Lanka & Finance Plc's insurance arm, MBSL Insurance Co. Ltd., effective April 3.

The regulator reinstated MBSL Insurance's license after Merchant Bank of Sri Lanka & Finance and investor United Capital Holdings Corp. injected 1.2 billion rupees into the insurer to satisfy the minimum regulatory capital requirements.

In July 2018, the securities of Merchant Bank of Sri Lanka & Finance were placed on the Watch List of the Colombo Stock Exchange after the company made a 95.9% impairment provision in MBSL Insurance's investment as at the end of 2017.

As of May 7, US$1 was equivalent to 176.98 Sri Lankan rupees.