Insurance regulators from five South Asian Countries met in Colombo on the 19th and 20th of December 2001 to draw up and adopt a Constitution to establish a "South Asian Insurance Regulators' Forum".

The Forum will promote cooperation among South Asian insurance regulators to facilitate regulatory activities; the sharing of information and experience; and the harmonisation of legislative approaches and the financial reporting systems, to the extent feasible.

The South Asian Insurance Regulators' Forum elected Dr. Dayanath Jayasuriya, Director General of the Insurance Board of Sri Lanka, as Chairman of the Forum for the next one year. Mr. Rangachary, Chairman of the Indian Insurance Regulatory and Development Authority of India was elected as the Vice Chairman designated to succeed as Chairman at the end of his term.

While the insurance industry in South Asia has a long existence, the regulation of the industry commenced only from relatively recent times. With countries moving away from the monopoly status accorded to state owned insurance companies and with the gradual opening up of markets to overseas insurance companies, the insurance industry is expanding. The provision of technical expertise for capacity building within the regulatory agencies and the industry will be an area that will receive priority attention of the Forum.

20 December 2001

Dr. Dayanath C. Jayasuriya

<<< BACK