Recognition of Commission on Insurance between Insurance Agent and Insurance Brokerage Company
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Date
2016
Journal Title
Journal ISSN
Volume Title
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Department of Accountancy, University of Kelaniya
Abstract
AF Company is a public limited company incorporated and domiciled in Sri
Lanka under the Companies Act No.07 of 2007 and classified under banking &
finance industry by Colombo Stock Exchange. During the financial year 2014/15
AF PLC become a parent company of “A Insurance Brokerage Company” by
acquiring their associate company as a subsidiary. The company provided a vast
range of financial services which included accepting deposits, leasing, hire
purchase, loan facilities, pawn brokering and other financial services.
This issue is relating to the violation of Insurance Act No 3 of 2011 section 88
that given a maximum rate of commission that might be paid by an Insurance
broker to an insurance agent.
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Citation
Muanasinghe, G.W.G.I.W. & Rajapakse, R.M.D.A.P. 2016. Recognition of Commission on Insurance between Insurance Agent and Insurance Brokerage Company. Case Studies in Accounting “Bridging the Gap”, 03: pp. 39-41. Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.