Insurance
Life and general insurers in Sri Lanka are licensed and supervised by the Insurance Regulatory Commission of Sri Lanka, and must meet capital, solvency, governance and market-conduct requirements while they develop products, build distribution networks and handle claims. Corporate policyholders, for their part, need to understand what their policies cover and how to pursue a claim when a loss occurs.
We act for insurers, brokers, agents, banks distributing insurance products, corporate policyholders and investors in the insurance sector.
How we help
We advise clients in the insurance sector on matters including:
- Licensing, registration and regulatory approvals
- Corporate governance, compliance and regulatory reporting
- Market entry, investment and corporate structuring
- Acquisitions, portfolio transfers and joint ventures
- Policy wordings, product documentation and distribution arrangements
- Bancassurance, broking and agency agreements
- Coverage analysis and claims handling
- Subrogation and recovery actions
- Marine, property and liability insurance matters
- Insurance disputes, arbitration and litigation
Industry experience
We advise life and general insurers, insurance brokers and agents, banks and other distributors of insurance products, corporate policyholders and investors in the insurance sector. Our work spans regulatory matters, corporate transactions and the documentation of insurance products and distribution arrangements, as well as coverage questions, recoveries and disputes arising from insured losses. On contested claims we work alongside loss adjusters, surveyors and other advisers so that the legal position and the technical evidence are considered together.
Reinsurance
Reinsurance allows insurers to spread the risks they write, protect their capital and take on larger or more specialised exposures. For Sri Lankan insurers, reinsurance programmes are often placed with international reinsurers and markets, so the wording of treaties and facultative placements, the choice of governing law and the mechanism for resolving disputes all matter when a significant loss is reported.
We act for cedant insurers, reinsurers, reinsurance brokers and intermediaries on the Sri Lankan aspects of reinsurance arrangements, from placement and regulatory compliance to claims, recoveries and disputes.
How we help
We advise clients on reinsurance matters including:
- Treaty and facultative reinsurance arrangements
- Retrocession and other risk-transfer structures
- Regulatory requirements affecting reinsurance placements and cessions
- Reinsurance broking and intermediary agreements
- Fronting and captive arrangements
- Reinsurance claims, notifications and recoveries
- Follow-the-settlements, aggregation and allocation questions
- Commutations, run-off and portfolio transfers
- Reinsurance disputes, arbitration and enforcement of awards
Industry experience
We advise local insurers ceding risk overseas, international reinsurers writing Sri Lankan business, reinsurance brokers and the other advisers involved in placing and administering programmes. Our work typically arises around substantial property, engineering, marine and liability losses, where the position under the underlying policy and under the reinsurance must be considered together. Because reinsurance arrangements are frequently governed by foreign law, we coordinate closely with overseas counsel and loss adjusters to provide consistent Sri Lankan legal support.
