Press briefing of Cabinet Decision taken on 2016-08-01

Proposed amendments to the Regulation of Insurance Industry Act, No. 43 of 2000

- The Insurance Board of Sri Lanka (IBSL) was established by the Regulation of Insurance Industry Act, No. 43 of 2000, to facilitate the development, supervision and regulation of the Insurance Industry in Sri Lanka and the said Act was amended thereafter by the Acts of No. 27 of 2007 and No. 03 of 2011. Cabinet approval was granted in the year 2013 to make some amendments including changing the name 'Insurance Board of Sri Lanka' to the 'Insurance Regulatory Commission of Sri Lanka' and accordingly the draft Amendment Bill for the purpose has been prepared by the Legal Draftsman. Therefore, the proposal made by Hon. Ravi Karunanayake, the Minister of Finance, to instruct the Legal Draftsman to proceed with finalizing the above Amendment Bill, incorporating the further amendments recommended by the Insurance Board of Sri Lanka, in order to enable the local and foreign Insurance Companies to function on a level playing field, and to submit the draft Bill so prepared to Parliament, after obtaining the clearance of the Attorney General for same, was approved by the Cabinet.