The IRCSL safeguards policy holders through supervisory control of Insurance Companies. Professionals with experience at IRCSL advise the government on policy and laws that would make the industry remain viable, able to meet its commitments to policy holders by helping them overcome risks.
Ex-Officio Member (Deputy Secretary to the Treasury, Ministry of Finance)
Ex-Officio Member (Registrar General of Companies)
Deputy Governor of the Central Bank of Sri Lanka
Director (Legal and Enforcement)
Director (Finance and Administration)
Director (Market Development and External Relations)
Assistant Director (Legal)
Assistant Director (Market Development and External Relations)
Assistant Director (Supervision)
Assistant Director (Finance and Administration)
Assistant Director (Investigation)
Assistant Director (Information Technology)
The main function of the Investigation Division is to inquire into complaints referred by aggrieved claimants relating to unsatisfactory settlement of a claim or by policyholders regarding misconduct/misappropriation by an intermediary. The Division also investigates complaints relating to qualifications of insurance agents as per the Rules/Regulations issued in terms of the RII Act No. 43 of 2000 as amended. In addition the Division queries into matters referred either internally or by way of complaints relating to any alleged irregularity/noncompliance in terms of the RII Act No. 43 of 2000 as amended and/or Rules and Regulations made thereunder.
The main function of the Legal Division is to provide advisory services to the Board on legal matters. In this regard the Division Formulates Rules, Regulations, Directions, Determinations, etc. required to be made in terms of the Regulation of Insurance Industry Act, No. 43 of 2000 (RII Act) and formulates amendments to the RII Act and subordinate legislation mentioned above with a view to creating a robust insurance regulatory framework. The Division also evaluates applications for registration of persons as insurers and insurance brokers to engage in insurance business and insurance brokering business in Sri Lanka. In addition, the Division evaluates applications for the appointment of Directors of insurers and Principal Officers of insurers and insurance brokers.
Supervision Division monitors the solvency of insurance companies and financial stability of insurance companies and broking companies by periodical review of their financial reports. In addition, it carries out on-site inspections of insurance companies and brokering companies. Further, steps are currently being taken to introduce “Risk Based Supervision” for the supervisory mechanism replacing the existing “Rules Based” supervisory system.
The main responsibilities of Finance and Administration division are, to have a robust administrative and financial management system, improved internal system and controls, sound IT infrastructure, retain efficient and competent staff while enhancing knowledge and skill of them and timely compliance with administrative requirements. It is vested with the responsibility of collecting revenue on time, prudently investing these funds, expending with proper budgetary control and preparation and submission of financial reports on time.
MDER Division, conducts training and awareness programmes for the general public in order to impart knowledge and increase awareness on insurance related matters, with a view of facilitating the development of the insurance industry. The Division prepares in-house publications and carry out media campaigns pertaining to the subject of insurance.
|1. Designated Officer –||Director General|
|2. Information Officer –||Director Legal & Enforcement|