The Insurance Regulatory Commission of Sri Lanka (IRCSL), celebrating its 25th anniversary, has announced major initiatives for the development of the Sri Lankan insurance industry.
The announcement coincides with the launch of Sri Lanka’s Insurance Vision 2030 & 2035, which aims at strengthening financial security, resilience, and public trust across the nation. The IRCSL will collaborate with the Insurance Association of Sri Lanka (IASL), and will be supported by industry stakeholders including Sri Lanka Insurance Brokers Association (SLIBA), Sri Lanka Insurance Institute (SLII), and Actuarial Association of Sri Lanka (AASL). Some of the initiatives include:
- Insurance Industry Development Roadmap (Vision 2030 & 2035)
- Centralised Insurance Data Repository
- Digital Motor Insurance Card and National Motor Insurance Verification System
- Master Circular & Premium Payment Warranty
- IRCSL e-Newsletter
Speaking at the launch event last week, IRCSL Chairman Dr Ajith Raveendra De Mel said that these reforms are designed to support the ambition of doubling the size of the insurance market in the next five years and increasing insurance penetration from the current 1.1% to 3% by 2035. He said that these developments represent a significant step forward in strengthening the industry’s resilience, improving efficiency, and enhancing public confidence in the insurance sector.
The IRCSL also introduced a new system to streamline access to regulatory by-laws across all subject areas. Titled as the Master Circular Compiling By-Laws, the initiative enhances regulatory clarity, accessibility, and compliance within the industry. An electronic document compiling all relevant by-laws is now available on the official IRCSL website, allowing stakeholders to easily reference and study regulatory requirements.
The IRCSL launched its official e-Newsletter, now repositioned as a broader knowledge-sharing platform for the insurance ecosystem. This initiative was developed through a collaborative effort with important industry stakeholders, including IASL, SLIBA, SLII, and AASL, as well as contributions from the academic community. The e-Newsletter marks an important shift towards a more inclusive and collaborative platform, bringing together regulatory perspectives, industry expertise, and academic insights.