REGISTRATION OF INSURANCE COMPANIES

1. According to the provisions of RII Act, no person shall carry on insurance business in Sri Lanka unless such person is registered under this act to carry on such business. The registration may be for general and long term insurance business.
   
   
2. No person shall be registered to carry on, either one or both classes of insurance business in Sri Lanka, unless such person –
   
   
   1. is a public company incorporated in Sri Lanka under the companies act;
   2. has a paid up share capital of not less than Rs. 100 Million per class;
   3. pays as deposit to the treasury of Rs. 200,000/= in respect of general insurance business;
   4. Rs. 50,000/- in respect of long term insurance business;
   5. pay the application fee of Rs. 250,000/= per class; (Section 13.(1) )
      
      
3. Every application for registration shall be made to the Board (IBSL) in such form and be accompanied by –
   
   1. a statement in writing by the applicant that the provisions of paragraphs (b) & (c) of 13(1) have been complied with, together with a certificate issued by the deputy secretary specifying the amount deposited;
   2. the fee prescribed in respect of the class of insurance business;
   3. certified copies of Memorandum & Articles of Association, certificate of Incorporation & certificate to commence business issued by the registrar of companies & Form 48 that has been submitted to the registrar of companies;
   4. a statement setting out prescribed particulars relating to, share holders, directors, specified officer, actuary & principal officer;
   5. a statement setting out the details of fulfillment of above requirements;
   6. a scheme of work and business plan for a period of 03 years.
      
      
4. Every insurer shall employ a Specified Officer possessing the qualifications of Associate of the Chartered Insurance Institute or an equivalent qualification acceptable to the Board, having at least 05 years post qualified experience, at managerial level.
   
   
5. Every insurer carrying on long term insurance business and general insurance business shall employ or retain on a permanent basis an Actuary or Actuaries.
   
   
6. Every insurer shall appoint as its Principal Officer who shall be responsible for the General control, direction and supervision of all business activities of the company. The person to be appointed as the Principal Officer shall possess the qualification of an Associate or Fellow of the Chartered Insurance Institute or an equivalent academic or professional qualification acceptable to the Board & have not less than 05 years post qualified experience in insurance related activity at managerial level, immediately preceding the date of appointment as principal officer.