- Cabinet approval was granted to refer the above Bill presented to the Cabinet by H.E. the President, in his capacity as the Minister of Finance and Planning, to the Cabinet Sub?Committee on Legislation for its recommendations, in the first instance. The Bill intends to introduce amendments to the Regulation of Insurance Industry Act, to enable the following:

* to change the name of the “Insurance Board of Sri Lanka” as “Insurance Regulatory Commission”;

* to specify qualifications for the registration of a general insurance business or long term insurance business;

* to exempt any local subsidiary Insurance Company in which at least 85 percent of the shares are held by a foreign holding insurance company which is already listed on a Stock Exchange outside Sri Lanka, from having to list on a Stock Exchange licensed under the Securities and Exchange Commission of Sri Lanka Act, No.36 of 1987; and

* to allow any insurance agent to work for one general insurance business and a long term insurance business.