The Insurance Regulatory Commission of Sri Lanka (IRCSL) successfully concluded a four-day study tour to India, aimed at strengthening regulatory capacity and learnings from India's progress in building a vibrant and inclusive insurance sector.
The delegation engaged in structured discussions with the Insurance Regulatory and Development Authority of India and the Insurance Information Bureau of India, followed by a series of knowledge exchanges in Mumbai with the Insurance Institute of India, the General Insurance Council, the Life Insurance Council and the Life Insurance Corporation of India, the country’s largest life insurer.
They gained insights into areas including:
- The evolution of the Indian insurance sector and its regulatory reforms under the Insurance Vision 2047 initiative.
- Strategies for expanding insurance penetration, particularly through distribution channel reforms.
- Transition towards risk-based supervision and the implementation of risk-based capital frameworks.
- Adoption and progress of IFRS17 accounting standards.
- Cyber security challenges
- The facilitation of InsurTech-driven innovations to enhance efficiency and scale.
- Strengthening market conduct practices and consumer protection mechanisms.
Significance for Sri Lanka
The study tour was of strategic importance to Sri Lanka, as the insights gained directly support IRCSL’s ongoing reform agenda and its five-year strategic plan, aligned with national financial inclusion objectives.
Areas the visit will contribute to include:
- Expanding insurance penetration and inclusiveness, especially among underserved and vulnerable communities.
- Protecting policyholders through improved market conduct supervision, reinforcing public confidence in insurance.
- Promoting women-centric insurance inclusion and supporting Sri Lanka’s ongoing initiatives with international partners.
- Developing a data-driven regulatory framework.
- Advancing health insurance reforms.
By adapting these lessons to the Sri Lankan context, IRCSL aims to accelerate reforms that will make the sector more resilient, competitive and accessible, ensuring broader financial protection for citizens and contributing to national economic stability and social protection.
“This visit provided us with invaluable exposure to India’s reform journey under Insurance Vision 2047,” said IRCSL chairman Ajith de Mel.
“The knowledge and practical insights gained will help us shape a regulatory and market environment in Sri Lanka that is modern, inclusive and resilient, ensuring every citizen has access to insurance protection.”