The Sri Lankan Cabinet has approved the name change of the insurance regulator from the "Insurance Board of Sri Lanka" (IBSL) to "Insurance Regulatory Commission of Sri Lanka".
Speaking at the 1st South Asian Actuarial Conference organised by the Actuarial Association of Sri Lanka (AASL) in Colombo last week, Mrs Damayanthi Fernando, Director General of the IBSL said that the proposal has now gone to Parliament for clearance and the change of name is expected to be come into effect within the next two months.
“This proposal has been with the government for almost three years now and this step is in tune with other regulatory bodies in the South Asian region like India and Bangladesh which have the word 'regulatory' in their names,” she said.
She further highlighted that the issue had been fast tracked as people would often get confused when they typed IBSL in their search engines and the webpage of the Institute of Bankers of Sri Lanka opened up.
This was the first time that an actuarial conference has been organised in Sri Lanka, and the event had the strong backing of the insurance industry which is keen to see local homegrown actuarial talent develop and contribute to the development of the industry in Sri Lanka. Over 250 delegates from the region attended the two-day event which had the theme of “Creating value for business – Risk, Innovation, Regulation, Education.”
“There is a dearth of actuaries in Sri Lanka because of a lack of information and awareness and so the AASL needs to go beyond their normal activities and popularise the subject,” said Mrs Indrani Sugathadasa, Chairperson of IBSL.
Sensing the huge potential within the country, the AASL now plans to promote actuarial studies in colleges and universities across the country.