“It is the responsibility of all stakeholders to encourage the general public on the importance of insurance and to improve people’s confidence in insurance and change the general perception towards having an insurance cover. Young people, in particular, do not give priority to insurance in their expenses, which is why the industry really needs to look at how we can create appropriate products that will be beneficial to the customer. On the other hand, we also need to address the insurance needs of the ageing population in Sri Lanka”.
Following is a Q&A with, Insurance Regulatory Commission of Sri Lanka Director General Damayanthi Fernando:
Q:What are the plans of the IRCSL this year?
A: The IRCSL’s role has been enshrined in the Regulation of Insurance Industry Act, No. 43 of 2000, which requires the regulator to ensure that insurance businesses in Sri Lanka is carried out with integrity and in a prudent and professional manner with a view to safeguarding the interests of policyholders and potential policyholders. In accordance with this Act, all our activities are based on this object and responsibility.
This year, the focus is on enabling the regulator to modernize its regulatory and supervisory framework to better protect the interests of policyholders, whilst enforcing the provisions of the Act. To this effect, the Government has identified the insurance sector as a potential channel for economic growth as the banking and the capital market sectors and agreed to grant the IRCSL with funds to carry out its modernization activities.
This project aims to obtain technical input on best practices followed in other developed insurance markets and suitably adopt to the local scenario considering the policy of the government. Ease of doing business with IT support is also identified as a major development activity. The project has kick