### ⚖️ Court Orders Trial Against Foreign Broker Over NITF Reinsurance Tender

The Fort Magistrate’s Court has overruled preliminary objections by international firm Tysers Insurance Brokers Ltd., fixing a trial date for alleged violations of the Regulation of Insurance Industry Act. • Core Dispute: Tysers is accused of securing a major reinsurance tender from the National Insurance Trust Fund (NITF) without being duly registered under Sri Lankan law. The tender covers Strike, Riot and Civil Commotion (SRCC) insurance claims. • Financial Impact: The reinsurance contract for the 2024/2025 period involves a premium calculated at approximately Rs. 1 Billion. • Legal Violation: Local brokers, led by Strategic Insurance Brokers Ltd., argued that Section 92 of the Act prohibits any entity from conducting insurance business or acting as an agent in Sri Lanka without local registration. Tysers reportedly used George Steuart Ltd. as an agent during the bid process. • Next Steps: The Fort Magistrate held that the legal bar against unregistered entities applies. The trial is set for March 25, 2026. If found guilty, the firm faces potential fines or imprisonment under the regulatory framework governing the insurance sector.