The IRCSL is the regulator of the insurance industry established by the Regulation of Insurance Industry Act, No. 43 of 2000 (the Act) for the purpose of development, supervision and regulation of the Insurance Industry in Sri Lanka. The object and responsibility of the Commission is to ensure that insurance business in Sri Lanka is transacted with integrity and in a professional and prudent manner with a view to safeguarding the interests of the policyholders and potential policyholders.
To view the Act and amendments, please follow the link – https://ircsl.gov.lk/quick-links/insurance-legislation/regulation-of-insurance-industry/
All insurers, insurance brokers and loss adjusters operating in Sri Lanka fall under the regulatory purview of the IRCSL. However, following entities have been exempted:
1. The Agricultural and Agrarian Insurance Board
2. The Sri Lanka Export Credit Insurance Corporation
3. The Social Security Board
A company registered to carry on insurance business in Sri Lanka under the Act.
As at 12th November 2020, there are twenty-seven (27) insurers registered with the Insurance Regulatory Commission of Sri Lanka. Two (02) of them are composite companies transacting both Long Term Insurance and General Insurance business, whilst thirteen (13) of them engage in Long Term Insurance Business and twelve (12) companies engage only in General Insurance Business.
To view the registered insurers as at present, please follow the link –
The business of entering into or maintaining contracts of assurance on human lives. Such contracts including contracts whereby the payment of money is assured on death or on the happening of any contingency dependent on human life, and contracts which are subject to payment of premia for a term dependent on human life. Such contracts are deemed to comprise and include the following sub-classes:
All insurance business which do not fall within the definition of “long term business” are deemed to comprise and include the following sub-classes:
An insurance broker is a company incorporated under the Companies Act, No. 07 of 2007 and registered under the provisions of the Regulation of Insurance Industry Act, No. 43 of 2000 in order to carry out insurance brokering business, and who functions as an intermediary for the placing of insurance business for or on behalf of an insurer, a policyholder or a proposer for insurance or reinsurance, with an insurance company or reinsurance company, in expectation of a payment by way of brokerage or a commission.
To know about the registered insurance brokers as at present, please follow the link –
A person who has specialized knowledge in investigating and who is assessing losses arising from insurance claims and registered as a loss adjuster under the provisions of the Act.
To know about the registered loss adjustors as at present, please follow the link – https://ircsl.gov.lk/quick-links/instructions-and-guidelines/licensing-guide/loss-adjusters/
A person registered as an insurance agent with an insurance company or insurance brokering company under the provisions of the Regulation of Insurance Industry Act, No. 43 of 2000, and who in consideration of a commission, solicits or procures insurance business for such insurance company or insurance broker, as the case may be. The provisions of the Act and rules issued by the IRCSL stipulate minimum qualifications that a person should possess to become an insurance agent.
A person who owns an insurance policy and who has the privilege to exercise rights stated in the said insurance policy on the occurrence of a contingent event.
To view the details of rights and duties of policyholders, please follow the link –
A person (or persons) whose name is declared by the policyholder in a life insurance policy to receive the proceeds of the policy when the insured person dies.
A person who files a claim or makes a formal request under an insurance policy for payment from the particular insurer to cover a specific loss. The claimant can be a policyholder, beneficiary or any third party.
More details on Sri Lankan insurance industry are presented in our latest Annual Report, which can be viewed by following the link –