The IBSL safeguards policy holders through supervisory control of Insurance Companies. Professionals with experience at IBSL advise the government on policy and laws that would make the industry remain viable, able to meet its commitments to policy holders by helping them overcome risks. The composition and the mandate of the IBSL are easily accessible and viewed by browsing the web page.
Members of the Board
Mrs. Indrani Sugathadasa – Chairperson
Mr. S. R. Atygalle (Deputy Secretary to the Treasury, Ministry of Finance & Planning)
Mr. B. D. W. A. Silva (Deputy Governor of the Central Bank of Sri Lanka)
Mr. D. K. Hettiarachchi (Registrar General of Companies)
Mr. Graetian Gunawardhana
Mr. Nawaz Rajabdeen
Mr. Gamini Kohona
Mr. Chandri Gunawardhana
Directors of the Secretariat
Mrs. Damayanthi Fernando - Director Legal
Mrs. Thamari Senanayake - Director Investigation
Mrs. W. Vithanawasam Chaya Thilini - Director Finance and Administration
Mr. D M Nihal Ramanayake - Director Supervision
Mrs. Chamarie Ekanayake - Assistant Director Supervision
Mr. G Rajan Nirubasingham - Assistant Director Legal
Object and Responsibility of the Board
The object and responsibility of the Board shall be, to ensure that insurance business in Sri Lanka is carried on with integrity and in a professional and prudent manner with a view to safeguarding the interests of the policy-holders and potential policy holders.
Constitution of the Board
- Deputy Secretary to the Treasury
- Deputy Governor of the Central Bank of Sri Lanka nominated by the Monetary Board
- Registrar General of Companies
- Four members appointed by the Minister from among persons who have had academic or professional qualifications and experience in the field of insurance, commerce, financial management, business management, economics, law or any other related field (in the Act referred to as "appointed members'')
Powers, Duties and Functions of the Board
- Register as insurers persons carrying on insurance business in Sri Lanka.
- Register persons as insurance brokers.
- Advise the Government on the development and regulation of the insurance industry.
- Implement the policies and programmes of the Government with respect to the insurance industry.
- Employ such officers and servants as may be necessary for the purpose of exercising, performing and discharging the powers, duties and functions of the Board.
- Acquire and hold any property, movable or immovable and sell, lease, mortgage or otherwise dispose of the same.
- Enter into all such contracts as may be necessary for the exercise, performance and discharge of its powers, duties and functions.
- Shall carry out such other acts as may be necessary for the due exercise, discharge and performance of its powers, duties and functions under this act.