Press briefing of Cabinet Decision taken on 2019-04-02

Amendments to Regulations issued under the Regulation of Insurance Industry Act, No. 43 of 2000

- The Regulation of the Insurance Industry Act, No.43 of 2000 was introduced to develop, supervise and regulate the Insurance Industry in Sri Lanka, with the objective of safeguarding the interest of the policy holders by establishing of the Insurance Board of Sri Lanka and ensuring the insurance business to be carried out in a professional and prudent manner. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance to present the Gazette Extraordinary No.2104/9 dated 2018-12-31 published in the Government Gazette incorporating the provisions for the payment of annual charges to the Sri Lanka Insurance Regulatory Commission by an insurance holder, in Parliament for approval, was approved by the Cabinet.