Determination 1 – 01/03/2011 as amended on –
Determination 2 – 23/08/2010
(Determination No. 2 of 30/10/2002 is repealed and replaced by Determination No. 2 of 23/08/2010)
Section 33 Proviso
Where an insurer or any such person as is referred to in section 33 of the Act is a shareholder, director or employee of any company registered as a broker under the Act as on the date of registration, such insurer or person shall be required to dispose of such shares, or to relinquish such directorships or employment, as the case may be, either within a period of three months from the date of registration or within such period of time from the date of registration, as may be granted by the Board on a case by case basis.
Determination 3 – 30/10/2002 – Repealed by Section 15 of Act No. 03 of 2011
Section 35 (b)
The period for settlement of premia to be set at 60 days from the date on which the premium is payable.
Determination 4 – 30/10/2002
Section 40 (3) (b)
For the purpose of Section 40 (3) (b) the paid-up value of the policy shall be Rs. 5000/-.
Determination 5 – 30/10/2002
Section 47 (2)
Every insurer shall submit a copy of its annual audited accounts to the Board within a period of 6 months from the close of the financial year.
Determination 6 – 30/10/2002 (Repealed by Determination 15 dated 30/03/2012)
Section 48 (1)
Every insurer shall, submit an abstract in terms of Section 48 (1) of the Act to the Board within a period of six months after the close of the financial year.
Determination 7 – 27.09.2023
(Determination 7 of 30.10.2002 is repealed and replaced by Determination 7 of 27.09.2023)
Section 81 (h) of the Regulation of Insurance Industry Act, No. 43 of 2000 (RII Act) – A certified copy each of the professional indemnity policies of insurance issued by two or more insurers in such form and for such amount as may be determined by the Commission.
An applicant desiring to be registered as an insurance broker shall submit to IRCSL a certified copy of the professional indemnity insurance policies for a total value of Rs. 3 million
from two or more registered insurers.
An applicant desiring to be registered as an insurance broker and carry out re-insurance brokering business, shall submit to IRCSL a certified copy of the professional indemnity insurance policies for a total value of Rs. 6 million from two or more registered insurers.
Effective date – This determination shall be effective immediately.
Determination 8 – 27.09.2023
(Determination 8 of 08.02.2008 is repealed and replaced by Determination 8 of 27.09.2023)
Section 83 (a) – A certified copy each of the professional indemnity policies of insurance for the ensuing period issued by two or more insurers.
Section 85 (3) (b) – A sum equal to three time the brokerage of the business for the last accounting period ending prior to the inception or renewal of the policy, subject to maximum limit of liability as determined by the Commission, whichever is higher.
The maximum limit of the professional indemnity covers for the renewal of registration of insurance broker shall be Rs. 20 million.
If the broker is involved in re-insurance brokering business, the maximum limit of the professional indemnity covers for the renewal of registration shall be Rs. 50 million.
Effective date
This determination shall be applicable for indemnity covers commencing from 1st January 2024.
Determination 9 – 27.09.2023
(Determination 9 of 13.08.2018 is repealed and replaced by Determination No. 9 of 27.09.2023)
Section 83 (c) of the Regulation of Insurance Industry Act, No. 43 of 2000 (RII Act) – Renewal of Registration Fee required to be paid by an insurance broker to the Insurance Regulatory Commission of Sri Lanka (Commission).
The renewal of registration fee required to be paid by an insurance broker to the Commission is the amount equivalent to 0.5% of the total gross commission income of the broker company for the four quarters immediately preceding the due date of submission of the renewal of registration application, or Rs. 150,000/-, whichever is higher.
Effective date
This determination shall be applicable for renewal of registration commencing from 1st January 2024.
Determination 10 – The amended determination issued on 12/07/2011 is replaced with the following new Determination #10 issued on 06/12/2021 – Section 88
Determination 11 – 30/04/2013
(Determination No. 11 of 30.10.2002 as amended on 25.05.2009 is repealed and replaced as follows by Determination No. 11 of 30.04.2013)
For the purposes of section 98 of the Regulation of Insurance Industry Act, No. 43 of 2000 the maximum sum assured for long term insurance business is Rs 100,000,000/= (rupees one hundred million) and for general insurance business
Rs. 200,000,000,000/= (rupees two hundred billion).
Determination 12 – 31/05/2011 and as amended on 30/04/2013 (Compliance Certifications) and on 11/03/2016 (to be in line with the Solvency Margin (Risk Based Capital) Rules, 2015 and on 11/07/2018 (altered to incorporate requirements of Direction 16 and other amendments.), and on 06/10/2022 (Altered the time period of submission & other amendments.)
Section 49 (b) of the Regulation of Insurance Industry Act, No. 43 of 2000 – Quarterly Returns of Insurers
Every insurer shall, for every quarter commencing from 30/09/2022, furnish to the Commission, its quarterly returns in accordance with the revised Quarterly Returns Formats as specified below.
Information required in formats numbered 1-12 above are required to be emailed by the Principal Officer of the Company to the commission in soft format via the email supervision@ircsl.gov.lk within thirty days after the end of each quarter.
Monthly Reporting
Insurers who are required to report on a monthly basis are required to comply with the above from the month ended 30/09/2022 and furnish to the Commission within such period of time as directed.
Determination 13 – 01/09/2023 (revised Form and Affidavits)
(Determination No. 13 of 31/05/2011 is repealed and replaced by Determination No. 13 of 13/08/2018)
Section 33 B (1) of the Regulation of Insurance Industry Act, No. 43 of 2000 – Notice for giving information regarding a person sought to be appointed, elected or nominated as a director of an Insurer
Every insurer seeking to appoint, elect or nominate a director is required to submit to the Insurance Regulatory Commission of Sri Lanka (IRCSL) information requested in the attached notice in terms of section 33 B (1) of the Regulation of Insurance Industry Act No. 43 of 2000, along with the Form required to be filed with the Registrar General of Companies, prior to making of such appointment, nomination or election, as the case may be, and obtain the IRCSL’s approval for the same.
Determination 14 – Revised on 31/12/2021
Annual Returns of Insurance Companies
In terms of Sections 26 (1), 47 (1) & 56 of the Regulation of Insurance Industry Act, No. 43 of 2000
The regulatory reporting formats of the Annual Returns are required to be furnished to the IRCSL within four months after the closure of the financial year (30th April each year), along with statements of holdings issued by the Central Bank of Sri Lanka in respect of investments made in Government Securities.
Annual Returns comprise of the following:
– For General Insurance Companies
1. Balance Sheet and Statement of Income – General Insurance
2. Determination 1 – General Insurance
3. Solvency Margin (RBC) – General Insurance
4. Reserve Report – General Insurance
5. Certification – General Insurance
6. Compliance Certificate (A) – General Insurance
– For Long Term Insurance Companies
7. Balance Sheet and Statement of Income – Long Term Insurance
8. Determination 1 – Long Term Insurance
9. Solvency Margin (RBC) – Long Term Insurance
10. Certification – Long Term Insurance
11. Compliance Certificate (A) – Long Term Insurance
– For Both General and Long Term Insurance Companies
12. Compliance Certificate (B) – General Insurance/Long Term Insurance
14. Audited Financial Statements
17. Management Letter
18. Required Certification of External Auditor on Determination 14 & 15
Please note the following on submissions:
All formats mentioned above are required to be emailed by the Principal Officer of the company to supervision@ircsl.gov.lk. Formats numbered 1, 2, 3, 7, 8 and 9 should be furnished in MS Excel formats.
Determination 15 – Revised on 31/12/2021
Actuarial Abstract of Insurance Companies
In terms of Section 48 (1) of the Regulation of Insurance Industry Act, No. 43 of 2000
An insurance company carrying on long term insurance business shall, cause an abstract to be made by an actuary for every financial year commencing from the first day of January 2016 according to the revised formats attached below.
The abstract is required to be submitted to the IRCSL within four months after the closure of the financial year (30th April each year).
Formats are as follows:
1. Actuarial Report and Abstract – Long Term Insurance
Please note the following on submissions:
Above format should be emailed by the Principal Officer of the company to supervision@ircsl.gov.lk
