IRCSL Extends Sanasa Life Insurance Suspension to March 2026 📈

The Insurance Regulatory Commission of Sri Lanka (IRCSL) has extended the temporary suspension of Sanasa Life Insurance Co. PLC until 3 March 2026. The move restricts the company from issuing new long-term insurance policies while it addresses regulatory concerns. • Regulatory Timeline: Initial suspension began on 5 December 2025. The latest extension follows a previous deadline of 31 January 2026. Registration remains suspended under Section 18 of the Regulation of Insurance Industry Act. • Key Reasons for Action: The regulator cited the company's inability to meet the required solvency margin. Issues regarding the provision of inaccurate data and non-compliance with regulatory orders. Action taken to protect the interests of policyholders and the national financial services sector. • Company Financials & Ownership: Net Asset per share: Rs. 22.61 (as of Sept 2025). Top Shareholders: Senthilverl Holdings (19.10%) and Sanasa Federation (10.50%). The company must still fulfill obligations to existing policyholders despite the freeze on new business.