-Regulation of Insurance Industry Act, No.43 of 2000 has been introduced replacing the previous Act No.25 of 1962, to establish the Insurance Board of Sri Lanka currently known as the Insurance Regulatory Commission making provision for the development, supervision and regulation of the insurance industry of Sri Lanka with the objective and responsibility of protecting the rights of the policyholders and potential policyholders by ensuring the conduct of the insurance business in Sri Lanka is carried out in professional manner with integrity and prudence.

The Cabinet approved the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, to present the Gazette Extraordinary Notification No.2118/1 dated 2019‑04‑08 issued by virtue of the powers vested with the Minister of Finance, under section 112(3) to be read with section 16 of the new Act, for the purpose of amending the regulations under the previous Act issued through the Gazette Extraordinary Notification No. 610/4 dated 1990‑05‑15, in Parliament.