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Sri Lanka's insurance sector, which consisted of 21 firms as of Dec. 31 2013, is expected to see similar consolidation to that of the finance industry, insurance experts said.
One industry analyst said "the (insurance) regulations (effective) February 2015 are to increase the risk based capital to 500 million Sri Lankan rupees ($3.8 million) per class of business – life and nonlife insurance business, from LKR 100 million ($765,000)," The Sunday Times reported.