• Register as insurers persons carrying on insurance business in Sri Lanka.
• Register persons as insurance brokers.
• Advise the Government on the development and regulation of the insurance industry.
• Implement the policies and programmes of the Government with respect to the insurance industry.
• Employ such officers and servants as may be necessary for the purpose of exercising, performing and discharging the powers, duties and functions of the Board.
• Acquire and hold any property, movable or immovable and sell, lease, mortgage or otherwise dispose of the same.
• Enter into all such contracts as may be necessary for the exercise, performance and discharge of its powers, duties and functions.
• Carry out such other acts as may be necessary for the due exercise, discharge and performance of its powers, duties and functions under this act.

Key Functions 

• Inquire into complaints referred by aggrieved claimants relating to unsatisfactory settlement of claims or complaints regarding misconduct/misappropriation by an intermediary.
• Inquire 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 there under.

Key Functions 

• Provides advisory services to the Commission on Legal matters. In this regard the Division formulates Rules, Circulars, Regulations, Direction, Determinations, etc. required to be made in terms of the RII Act and formulates amendments to the RII act and subordinate legislation mentioned above with a view to creating a robust insurance regulatory framework.
• Taking enforcement action against the regulatees for the violation of the Act & providing information in terms of RTI Act.
• Evaluates the required approval process for applications for registration of persons as insurers and insurance brokers to engage in insurance business and insurance brokering business in Sri Lanka, and to register persons as loss adjusters. Renewal of insurance brokers.
• Evaluates applications for the appointment of Directors of insurers and Principal Officers of insurers and insurance brokers.
• Reviews new insurance policies in terms of circular 1 of 2021 with a view to ensuring that the interests of the policyholders are adequately safeguarded.
• Checking various agreements referred to the Legal division.

Key Functions 

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.

Key Functions 

• 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 of the CESS, Annual Fee and Registration Fee on time, prudently investing these funds, expending with proper budgetary control and preparation and submission of financial reports on time.
• Ensures competent staff recruited in adequate number and available, enhancing knowledge and skills of staff to enable them to perform their duties effectively and efficiently, formulate Administrative and Financial Guidelines, procurement of value adding goods and services, providing a healthy and safe working environment whilst boosting morale of staff to perform their duties proactively and efficiently.

Key Functions 

• Analysis of various factors, which drive the performance of insurance industry through market research and make suggestions to develop the insurance industry.
• Enhance the financial literacy levels of the consumers on Insurance through Strategic Communication.
• Conducts 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.
• Analysis of progressive developments in other jurisdictions, new trends in the global insurance industry with a view of implementing global best practices in the local insurance industry.
• Create positive and productive relationships with the local/international stakeholders with a view to facilitate developing the local insurance industry.

Key Functions 

• Provide Actuarial advice and support to the Commission and the management.
• Ensure a robust regulatory & supervisory framework for the insurance industry from an actuarial perspective.
• Review Statutory Returns (Quarterly and Annual) filed by the companies and monitor the compliance with rules and communicate the shortcomings and make clarifications.
• Review Actuarial certificates of long-term insurance products, Reinsurance arrangements, Regulatory reporting formats and Applications filed by new entrants to the market.
• Implement and develop templates/models for Own Risk and Solvency Assessments and Enterprise Risk Management.
• Review current Rules, Regulations and Guidelines on insurance products and processes.
• Provide actuarial support on on-site inspections conducted by the IRCSL.
• Provide observations on the compliance regarding claims as and when required.