A TRIBUTE TO A GREAT MAN ON HIS 95th BIRTHDAY

Former Director-General and Chairman of the Insurance Board of Sri Lanka and the Founder Chairman of the South Asia Insurance Regulators’ Forum. Patron, Insurance Assessors and Engineers Association of Sri Lanka.

“The heights by great men reached and kept were not attained in sudden flight but, they while their companions slept, they were toiling upwards in the night.”

The above words of Henry Wadsworth Longfellow – one of the monumental cultural figures of nineteenth-century America and the nation’s preeminent poet in his era – aptly describes the life and times of Chandra Thomas Adolphus Schaffter who will be celebrating his 95th birthday on April 3, 2025.

At a regional law conference held at the BMICH in the 1990s I found myself seated next to an elderly gentleman with long grey hair immaculately dressed in a white suit. I had sponsored through the United Nations several Indian delegates to attend it. I turned to him during the long wait for the Chief Guest as to from which part of India he was from. He laughingly said “I am Chandra Schaffter 100% Sri Lankan” and asked me why I assumed he is from India. My reply was that in India I have seen many distinguished people in full white suits.

It was in the year 2000 when the late Ken Balendra was the Chairman of the SEC he was also appointed as the first Chairman of the newly established Insurance Regulatory Board and I was appointed as the Director-General. A new regulatory regime came into operation bringing in its wake many uncertainties and confusion within the insurance industry that was hitherto lightly regulated by the Ministry of Finance.

I suggested that we arrange an industry consultation within a week. “How on earth are you going to prepare a good background paper within a week?” asked Ken. I said I have already met some of the key stakeholders privately over breakfast and luncheon meetings and already identified 70 odd problem areas.

Chandra was one of the first to be contacted and I believe he was then the president of the Insurers’ Association. I was impressed with Chandra’s honesty and integrity. He stated what was happening in the industry, the practices of his own company and what would be the ideal situation. Having gathered my own intelligence I remember observing later that the industry was not full of saints.

The SEC was entrusted with task of enforcing the new Insurance Act and the staff did a remarkably good job until a new Secretariat was later established. The Seminar was a great success as the Controller of Foreign Exchange at the Central Bank was personally present and solved many long standing issues.

After the presentation of my overview of the new Act, I recall Dr. Jagath Alwis of Ceylinco Insurance commented that now they have a much better idea of the Act since I demystified many complex drafting issues.

Chandra and I met at least once a month along with other stakeholders and many outstanding issues were resolved. Over time I gradually came to know more about his personal and corporate life.

Resilience is a strong virtue that Chandra has displayed throughout his career. He lost his mother when he was barely two years old and that was followed by another tragedy when he lost his father too. He entered St. Thomas’ College Mount Lavinia and excelled in both studies and sports. He was best known as a fast bowler and he also represented Sri Lanka at hockey.

Much credit goes to him for having had the courage and fortitude to establish almost singlehandedly Sri Lanka’s first major Sri Lankan-owned life insurance company, Janashakthi, in 1994.

Chandra’s life is best described as one of humble beginnings and reaching the zenith of the corporate life. In 2002 Janashakthi purchased the National Insurance Corporation. As I was a member of the Pubic Enterprise Reform Commission (PERC) at that time I knew the enormous difficulties he faced at that time. After the 2004 tsunami the late Lalith Kotelawala and he took the bold step of making payments considerably in excess of the policy limitations.

I had the privilege of serving as the Chairman of Orient Finance PLC, a subsidiary of Janshakthi, for well over a decade.

Without a doubt, Chandra Schaffter is the doyen of the Sri Lankan insurance industry but his reputation goes far beyond our shores. He reached the top not due to a sudden flight but toiling upwards day and night whilst his competitors possibly slept.

We all wish him many more years of good heath and productivity!

by Dr. Dayanath Jayasuriya P. C.