provisions of the Regulation of Insurance Industry Act require insurers registered with the Insurance Board of Sri Lanka (IBSL) prior to 2011 02 11 to list themselves on a licensed Stock Exchange within a period of 5 years from the date of enforcement of the Amendment Act and such Insurance Companies are required to comply with this requirement on or before 2016 02 11. Those insurers registered on or after 2011 02 11 are required to be listed on a licensed Stock Exchange within a period of 03 years. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to instruct the Legal Draftsman to draft amending legislation, to exempt the Insurance Companies registered under the Insurance Board of Sri Lanka prior to 2011 02 11 from the requirement of registering under a licensed Stock Exchange, subject to stipulations, was approved by the Cabinet.