Insurance was almost wholly a foreign enterprise until 1 January 1962, when the life insurance business was nationalized. The state-owned Insurance Corp. of Sri Lanka now has a monopoly on life insurance and all other insurance. In 1997, there were six insurance companies (two of which were state-owned), the National Savings Bank, and two pension funds. Foreign insurers operate in the market in reinsurance and share holding. In 2001, 83 million dollars worth of life insurance premiums was written.