Sri Lanka’s AmÃ£na Takaful separates life, general insurance businesses
EconomyNext – Sri Lankan Takaful operator Amãna Takaful PLC announced it will be transferring its Life insurance business, Family Takaful, to Amãna Takaful Life Limited with effect from 1 January 2015.
The separation of Amãna Takaful’s Life and General insurance businesses will enable the company to run the two categories of insurance as separate business entities, a statement said.
The transfer is to comply with new insurance regulations which require all composite insurance providers to segregate their long-term and general insurance businesses.
All Life insurance policies held by policyholders of Amãna Takaful will be transferred to Amãna Takaful Life, which will operate as a wholly owned subsidiary.
"The transfer will come with the assurance that all obligations and responsibilities that the insurer has undertaken will continue unchanged," the company said.
In the last year the company said it had introduced several new schemes of Takaful, a type of co-operative pooled insurance based on Sharia, Islamic religious law.