AIG Insurance will not be allowed to withdraw from Sri Lanka until it submits a detailed plan of action of closure on issues that will apparently crop up after exiting, Insurance Board of Sri Lanka (IBSL) Chairperson Indrani Sugathadasa said.
She told the Business Times that the AIG should submit a written notice and an action plan including details of what they intend to do on general insurance policies issued to local customers since the commencement of their operations in the country, settlements of claims, payment of compensation and other dues to employees, etc . Ms. Sugathadasa revealed that AIG’s Regional Director had informed her verbally that the company is withdrawing from Sri Lanka when he met her on Wednesday.
She told the Business Times that the AIG should submit a written notice and an action plan including details of what they intend to do on general insurance policies issued to local customers since the commencement of their operations in the country, settlements of claims, payment of compensation and other dues to employees, etc . Ms. Sugathadasa revealed that AIG’s Regional Director had informed her verbally that the company is withdrawing from Sri Lanka when he met her on Wednesday.
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