Tyser Insurance Brokers, a foreign insurance firm, is accused of improperly participating in a reinsurance tender issued by the National Insurance Trust Fund (NITF), the body responsible for reinsuring local insurance companies’ Strike, Riot, and Civil Commotion claims. The tender, covering the period starting 1 November 2024, involved a reinsurance premium valued at nearly 1 billion rupees.
Controversy arose after Tyser used George Steuarts Pvt Ltd as an agent during the bid opening in August 2024, before being awarded the tender for the 2024/2025 year. In response, local broker Strategic Insurance Brokers (Pvt) Ltd filed legal action in the Fort Magistrate’s Court and District Court, arguing that the Regulation of Insurance Industry Act prohibits unregistered entities from participating in tenders or acting as agents in Sri Lanka.
Tyser Insurance had objected to the court’s jurisdiction, claiming they were legally permitted to bid. However, Fort Magistrate Isuru Neththikumara rejected the objection, noting that Section 92 of the Act prohibits anyone carrying on business without proper registration. The case has now been fixed for trial on 25 March 2026. If found guilty, Tyser Insurance could face fines or imprisonment.
