Sri Lanka, Feb. 26 -- The Fort Magistrate's Court yesterday overruled preliminary objections raised by Tysers Insurance Brokers Limited and fixed a trial date in a case in which Tysers was accused of violating the Regulation of Insurance Industry Act.

Tysers was accused of being granted a tender from the National Insurance Trust Fund (NITF), the local body with which all local insurance companies reinsure their Strike, Riot and Civil Commotion insurance claims.

The foreign insurance broker was awarded the National Insurance Trust Fund reinsurance tender for the year commencing November 1, 2024. The premium to be paid by the NITF for the reinsurance contract was calculated to be close to Rs. 1 billion.

The tender award raised controvers...