These new companies were established by composite insurance companies to comply with the segregation requirement laid down in the Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011. The law requires composite insurers to segregate the two classes of insurance businesses (Long Term and General) in to two separate companies by February 2015.

The new insurance companies to which licences have been granted are: AIA General Insurance Lanka, Amana Takaful Life Ltd, Asian Alliance General Insurance ,Cooplife Insurance, HNB General Insurance, Janashakthi General Insurance and Union Assurance General Ltd. (ST/KH)