COLOMBO, Dec. 12 -- The Insurance Regulatory Commission of Sri Lanka (IRCSL) has suspended the long-term insurance licence of Sanasa Life Insurance Co. PLC over a series of serious regulatory breaches, the company announced in a disclosure to the Colombo Stock Exchange.

The suspension, effective from December 5 to December 26, has been imposed under Section 18 (1) (d), (f), (g) and (h) of the Regulation of Insurance Industry Act, No. 43 of 2000. Despite the suspension, Sanasa Life is still required to honour all obligations under policies already issued or underwritten, the IRCSL said.

According to the regulator, the decision was based on several grounds, including: conducting business in a manner detrimental to policyholders, the insur...