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0,1,457,2","actuary,30,1,25,2,41,2,454,8,457,8","actuary&rdquo,457,1","add,429,2,441,1","added,30,1,389,1","addendums,429,1","adding,457,1","addition,17,1,30,1,37,1,41,4,386,1,429,3,431,1,454,1,457,1,455,2","additional,36,1,429,7,436,2,441,3,454,3,395,1","additionally,30,2,36,1","add-on,454,1","address,11,1,13,1,14,1,39,1,41,1,384,1,399,1,7,1","addressed,37,1,36,1,439,1,438,1","adds,41,1","adequacy,37,1,441,1","adequate,41,4,381,1,441,1,454,4","adequately,454,2","adhered,429,1","adhering,395,1","adjourned,428,2","adjusted,454,3,456,5,457,8,455,1","adjusters,1,1,2,1,3,1,6,1,11,1,9,1,10,1,13,1,15,1,12,1,16,1,17,1,30,1,20,2,18,2,23,1,24,1,25,1,26,4,28,1,29,1,37,1,38,1,40,3,41,1,31,1,32,1,33,1,34,1,35,1,36,1,42,1,43,1,47,1,384,1,385,1,392,1,393,1,403,1,404,1,383,1,375,1,376,1,377,1,378,1,380,1,381,1,386,1,387,1,388,1,389,1,390,1,391,1,396,1,397,1,398,1,399,1,400,1,401,1,402,1,409,1,417,2,421,1,425,2,436,1,437,1,441,1,442,1,430,1,431,1,433,1,435,1,439,1,440,1,454,1,456,1,457,1,4,1,5,1,7,1,8,1,22,1,464,1,48,1,382,1,379,1,394,1,395,1,419,2,422,2,432,1,438,1,455,1","adjustment,454,1,457,1","adjustments,454,1,457,2","administer,454,1","administers,30,1","administration,29,1,454,7","admissible,385,1,390,1,456,6,457,6,455,2","admit,428,1","admitted,428,1","adopt,37,1,42,1,440,1,456,2,455,1","adopted,41,1,376,1,454,1,456,2,455,1","adopting,41,2,42,2","adoption,36,1,42,1,428,1","advance,17,1,428,1,454,2","advancements,429,1","advantages,429,4","advent,429,5","advertisement,402,1,454,2","advertisements,384,1,404,2,401,2,402,5,454,1","advice,30,1,429,1,432,1","advisable,17,1,441,2","advise,1,1,390,1","advised,390,1,441,2","adviser,432,1","advisers,41,1","advisor,17,1,37,1","adz,48,1,394,1","affect,41,1","affected,30,1,41,3,454,1","affecting,17,1,41,1,454,1","affidavit,384,1","affiliated,30,1","affordability,441,1","afforded,41,1","aforementioned,402,1","aforesaid,398,1","aftermath,41,2","against,30,2,41,1,400,1,429,1,436,1,431,1,454,1","age,17,2,441,5,454,2,432,2","agencies,428,3,440,1","agency,37,1,428,1,442,1,454,1,456,9,457,9,48,1,455,9","agency&rdquo,456,1,457,1,455,1","agenda,428,3","agent,17,9,30,3,376,1,400,6,409,2,429,2,441,6,433,2","agent&rsquo,30,1","agents,17,2,30,7,28,1,41,1,36,1,383,1,375,1,376,1,377,3,389,1,441,6,433,2,435,1,454,1","aggregate,457,2","aggregated,454,1","agrarian,30,2","agree,428,2,429,1","agreed,392,3,429,1,437,1,395,1","agreement,30,1,429,2","agreements,30,1","agrees,441,1","agriculture,30,2","aia,394,1","aian,22,1","aicll,22,1","aig,6,1,30,2,23,1,35,1,43,1,22,3","aim,454,1","ainsley,429,1","aircraft,429,1","alam,30,1","alfino,22,1","alia,30,1,428,1,454,1","alive,441,1","alles,429,2","alliance,6,1,17,1,30,1,23,1,35,1,42,1,43,1,22,4","allianz,6,1,30,2,23,1,35,1,43,1","all-important,387,1","allocated,454,2,456,3,457,3","allocation,454,8","allotted,454,3","allow,41,1","allowance,454,1","allowed,17,1,429,2,441,1,454,3","allowing,454,1","almao,17,1,43,1,394,1","along,30,1,24,1,389,1,391,1,382,2","already,17,1,30,1,41,1,36,1,384,2,376,1,431,1,395,1","alsdjasd,14,1","alteration,454,2","altered,454,1","alternative,454,1","alternatively,11,1","although,17,1,429,4,436,1","altogether,431,1","always,17,4,441,1,454,1","amana,6,1,17,1,30,1,23,1,35,1,42,1,43,1,375,1,387,6,22,3","amb-3,456,1,457,1,455,1","ambiguities,41,1","ambiguous,36,1,41,1","ambim,432,1","amended,30,5,29,4,385,2,455,1","amending,37,1","amendment,30,1,29,2,409,1,428,3,433,1,456,1,457,1","amendments,29,1,37,1,34,3,41,1,428,4,456,1,457,1,455,1","american,30,1","among,1,1,30,1,29,1,41,1,376,1,428,2,429,1,435,1,440,1,22,1","amongst,36,1,454,1","amortisation,456,3,457,3","amount,30,2,25,1,36,1,389,1,390,1,400,3,441,6,431,1,454,16,456,15,457,23,48,1,382,1,455,4","amounted,41,1,22,1","amounting,22,2","amounts,30,1,390,1,454,1,456,2,457,2","amply,41,1","analyse,441,1","analysis,37,1,41,2,22,4","analyzed,37,1","analyzing,17,1,41,1","animal,404,1","annexure,392,1,387,2,389,1","announcements,2,2,20,1,18,1,40,1","announcements.htm,2,4","annual,1,2,2,2,3,2,6,2,11,2,9,2,10,3,13,2,15,2,12,2,16,2,17,2,30,6,20,2,18,2,23,2,24,2,25,2,26,2,28,2,29,2,37,11,38,2,40,3,31,2,32,9,33,9,34,2,35,2,36,2,41,2,42,3,43,2,47,2,384,2,385,3,392,2,393,2,403,2,404,2,383,2,375,4,376,2,377,2,378,2,380,2,381,2,386,4,387,2,388,2,389,2,390,3,391,2,396,2,397,2,398,3,399,2,400,3,401,2,402,2,409,2,417,2,421,3,425,2,428,5,436,2,437,2,441,2,442,2,430,2,431,2,433,2,435,2,439,2,440,2,454,6,456,2,457,3,4,2,5,2,7,2,8,2,22,2,464,2,48,3,382,2,379,2,394,2,395,2,419,2,422,2,432,2,438,2,455,2","annually,24,1,428,1,441,1","annuities,457,2","annuity,441,2,457,1","annum,454,1,457,6","another,17,1,441,1,454,1","anti,421,1","anyone,429,1,441,1","anything,392,1,404,2,456,1,457,1","apart,429,1,441,1,454,1","apex,29,1","apparatus,429,2","appeared,20,1,18,1,436,1,441,1,430,1,431,1","appearing,22,2","appliances,429,2","applicable,17,1,30,2,24,3,32,1,33,1,41,1,385,2,376,2,389,2,429,2,454,4,456,2,457,4,455,3","applicant,24,3,25,1,384,6,400,1,428,1","applicants,30,1,37,1,36,1,384,1","application,16,3,30,2,24,6,25,2,384,9,389,8,382,2","applications,389,1,428,2,382,1","applied,429,2","apply,30,2,24,1,37,2,41,1,384,1,377,1,417,2,429,4,454,2,457,1,395,1,422,1","applying,429,1","appoint,24,1,25,1,428,2,441,1","appointed,1,2,17,2,30,4,24,5,25,1,29,1,36,1,41,1,383,1,381,1,437,2,435,1,454,8,457,2,432,6","appointing,41,1","appointment,25,1,36,1","appointments,432,3","appoints,30,1","appreciate,5,1","appreciated,385,1","appreciation,454,1","apprised,17,1","approach,41,1","approaches,30,1,428,1,440,1","appropriate,30,1,37,1,41,2,42,1,454,2,456,2,457,1,455,1","appropriated,454,5","appropriately,454,1","approval,30,1,37,1,41,1,381,1,389,1,397,1,428,1,454,1,456,4,457,3,394,1,455,5","approved,30,3,24,1,385,1,393,2,375,1,425,3,429,4,456,3,457,4,455,2","approximate,41,1","approximately,30,1,437,1,22,1","apr,375,2,386,1","april,30,2,18,1,23,1,393,1","apt,41,1","arbitration,41,1","arbitrator,41,1","archives,1,1,2,1,3,1,6,1,11,1,9,1,10,1,13,1,15,1,12,1,16,1,17,1,18,1,23,1,24,1,25,1,26,1,28,3,29,1,30,1,37,1,38,1,40,2,31,1,32,1,33,1,34,1,35,1,36,1,41,1,42,1,43,1,47,1,384,1,385,1,392,1,393,1,403,1,404,1,383,1,375,1,376,1,377,1,378,1,380,1,381,1,386,1,387,1,388,1,389,1,390,1,391,1,396,1,397,1,398,1,399,1,400,1,401,1,402,1,409,1,417,1,421,1,425,1,436,1,437,1,441,1,442,1,430,1,431,1,433,1,435,1,439,1,440,1,454,1,456,1,457,1,4,1,5,1,7,1,8,1,22,1,464,1,48,1,382,1,379,1,394,1,395,1,419,1,422,1,432,1,438,1,455,1","area,384,1,440,1","areas,30,1,37,1,429,2","arise,441,1,457,1","arisen,36,1,41,1,390,1","arises,392,1,428,1","arising,41,2,397,1,454,2,456,1,457,1","armed,432,1","army,432,6","around,41,3","arrange,428,1","arranged,385,1","arrangement,37,1","arrangements,10,1,37,2,41,1","arrival,384,1","arrived,384,1","arriving,429,1","arrow.jpg,257,8","article,436,1,441,2,431,5","articles,24,1,25,1,441,2","ascertain,37,2,376,1","asd,14,9,464,989","asdas,14,2","asdasd,14,1","asdasdasd,14,1","asdasdo,14,1","asdfnas.com,14,1","asdnasd,14,1","asdo,14,1","ashraf,30,1","asia,429,1,440,1","asia&rsquo,41,1","asian,6,1,17,1,23,1,28,2,29,2,30,4,33,1,35,1,42,1,43,1,428,3,439,1,440,5,22,3","asjodaklsd,464,23","ask,464,23","askasjodaklsd,464,966","askdasda,14,1","asociate,389,1","asod,14,2","aspect,30,1,441,1,431,1","aspects,376,1,441,1","assembly,428,28","assess,37,3,41,1","assesses,17,1","assessing,37,1,41,1","assessment,10,1,37,3,41,1,43,1,376,1,454,2","asset,41,1,375,1,454,10,456,10,457,12,379,2,394,1,455,8","asset-liability,41,1","assets,37,1,41,1,385,1,390,2,400,3,454,20,456,6,457,6,22,1,48,11,455,13","assigned,428,3,429,1,456,4,457,4,455,4","assignment,30,1,376,1,441,1","assignments,428,1","assist,376,1","assistance,376,1","assistant,1,2,11,2,15,2,12,2,30,1","assisted,30,1","assisting,29,1","associate,24,2,25,2,432,1","associated,24,2,30,1,376,1,429,1","associates,22,1,48,1,394,1,432,1","association,24,4,25,1,29,2,30,16,37,1,36,7,41,3,387,1,389,1,425,5,428,1,429,1,437,1,439,1,432,2,438,1","assume,41,2,428,1,454,1","assumed,41,2,392,1","assuming,457,2","assumption,41,1","assurance,6,2,17,2,23,2,30,3,32,1,33,1,35,2,36,1,41,2,42,2,43,2,436,2,441,22,431,5,22,11,48,1","assurances,41,1","assure,456,1,457,1,455,1","assured,36,1,400,1,436,2,441,8,431,1,454,5,457,2,48,1","asterisk,11,1","athletics,432,1","atl,22,4","attached,384,2,393,1,376,1,381,1,386,1,387,3,431,1","attempts,384,2","attend,428,1,432,2","attended,30,1","attending,428,1","attention,36,1,41,1,383,2,376,2,381,1,441,1,431,1,440,1","attorney,387,6","attract,429,1","attractions,29,1","attributable,41,1,392,1,22,1","attributed,41,1","audit,37,2,41,2","audited,10,2,24,1,37,6,41,1,42,1,375,1,386,2,389,1,400,1,428,2","auditing,29,1","auditor,24,1,41,1,393,1,454,1","auditors,37,1,41,3,393,2,375,1,428,1","aug,18,1,375,4,381,1","august,6,1,23,3,30,2,41,2,385,1,404,1,376,1,398,1,399,1,401,1,437,2,433,1,422,1","australia,30,1","authenticated,441,1","authored,32,1,33,1,36,1","authority,29,1,30,3,428,5,440,1,456,3,457,3,455,3","authorized,17,2,428,1,441,1","auxiliary,442,1","available,32,2,33,2,36,2,403,1,376,1,389,1,391,1,429,3,439,1,454,2,382,1,438,1","average,454,1,456,1,457,2","avoid,41,2,429,1,441,1,454,1","award,36,1,41,1","awarded,432,1","awards,41,1,432,1","aware,376,1,386,1,417,1,422,1","awareness,41,2,375,1,376,1","away,440,1","b.h,432,1","b.i.p,432,1","baa3,456,1,457,1,455,1","backdrop,41,1","backed,400,2,429,1,456,3,457,3,455,3","background,41,1,384,1,429,2","backing,385,1","bad,41,1,456,3,457,1","balance,24,1,37,1,41,4,390,1,391,4,400,1,454,3,456,2,455,1","balances,456,2,457,2","ballot,428,3","bangladesh,30,2","bank,1,1,24,1,29,3,389,1,400,10,433,1,456,8,457,8,455,13","bankrupt,389,1","banks,387,1,400,2,456,5,457,5,455,8","based,30,1,37,7,33,1,36,1,41,1,428,1,429,4,437,4,441,1,435,1,454,3,456,1,457,1,22,1,455,2","basic,429,12,436,2,441,4,454,1,457,1","basics,36,1","basis,6,1,24,1,25,1,30,2,37,4,41,3,42,2,384,1,385,1,376,1,381,2,400,1,429,1,441,1,454,6,456,18,457,6,455,10","bb,454,1","bbb,456,5,457,4,455,6","bbb3,456,1,457,1,455,1","bear,41,1","bearing,377,1,441,1","beauty,29,1","because,429,1,4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c,454,1","cdo.message,45,1","cease,388,1","ceased,392,1,394,1","ceases,441,1,457,1","ceasing,384,1","cede,30,1,41,1","ceded,455,1,457,1","ceding,456,1,457,1","center,417,1","central,1,1,29,3,456,2,455,2,457,2","centre,11,1,389,2,432,1","centum,30,1,389,1,400,8,382,1,457,14","ceo,6,1,24,1,402,2,41,1","ceos,385,1,402,1","certain,17,2,383,4,390,1,429,2,441,3,394,1","certificate,24,6,25,3,30,1,392,3,388,1,402,2","certificates,392,2","certification,6,4,10,1,37,3,35,1,42,1,43,1,385,1,375,1,41,1","certifications,37,3","certified,24,8,25,1,37,1,385,1,376,1,389,2,456,1,384,1,457,2","certify,30,2,389,1","cess,30,5,398,1","ceyexxe,394,1","ceylinco,6,2,17,1,23,2,30,2,37,1,35,2,42,1,43,1,22,4","ceylon,432,3","cf,22,1,48,1,394,1","cfo,6,1,41,1","cfos,385,1","chair,432,1","chaired,428,1,429,1","chairman,1,1,28,1,29,1,30,4,403,1,404,1,383,1,386,1,388,1,402,1,428,26,435,1,440,4,456,1,384,1,432,7,457,1","chairmanship,428,1","chairmen,428,1","chamari,15,1,12,1","chamarie,1,1,11,1","chamarie@isplanka.lk,11,1,15,1,12,1","chamber,30,3","change,441,3,454,3,22,1,41,2,48,1","changed,441,1,454,1","changes,37,1,391,3,429,4,41,2","changing,441,1","channa,1,1","chapter,30,1","characteristics,429,2","charge,32,1,33,1,376,1,380,1,381,1,398,1,429,6,454,38,382,1","charge&rsquo,454,3","charged,30,1,429,3","charges,454,18,457,1","charging,429,2","charity,431,1","charset,461,1","chart,22,4,48,3","chart1.jpg,262,8","chart2.jpg,263,8","chart3.jpg,264,8","chartered,24,1,25,2,29,2,30,2,37,1,393,2","charts,37,1","check,17,1,5,1","cheque,389,1","cheques,456,1,455,1,457,1","chief,389,3,428,1,384,1,432,1","children,441,1","chiseled,431,1","choice,441,1,454,1","choose,441,1,454,1","choosing,441,2","chosen,454,1","cicl,22,4,48,2","circular,6,4,10,1,37,1,35,1,42,1,43,1,385,2,392,2,393,1,383,1,375,24,376,1,377,1,378,1,380,1,381,1,386,1,387,1,388,2,389,2,390,2,391,1,396,2,397,1,398,1,399,2,41,1,382,1,379,1,384,1,394,1,395,1","circular#18,385,1","circular_18_certification.htm,6,4","circular_20.jpg,265,8","circulars,32,1,33,1,375,2,376,1,409,2","circulated,37,1,36,1","circumstances,441,1,431,1,395,1","cited,456,1,457,1","citizen,29,1","citizens,29,1","civil,30,3,441,1","claim,17,2,392,3,397,1,429,1,431,2,41,4,48,2","claims,30,2,37,1,36,2,403,2,441,1,431,1,456,5,41,3,401,1,455,3,457,2","clarifications,376,1,417,1","clarified,441,1","clarify,376,1,436,1","clarity,41,5","class,23,1,24,3,25,3,30,1,37,2,388,1,389,1,400,2,429,3","classes,25,1,400,2,429,1,454,1,22,1,41,1","classification,442,1","classifications,429,2","clause,392,1,455,1","clauses,392,1","clear,454,1","clearance,454,1","clearly,431,1,454,2","client,20,1,18,1,40,1,429,3","clients,17,1,417,1,429,1,48,1,422,1","climatologists,41,1","close,30,2,400,2,428,1","closed,376,2,431,1","closely,429,1,41,1","closure,392,1","co,17,7,23,5,409,1,394,3,432,2","coaches,437,1","coastal,41,1","code,29,1,30,1,36,7,41,2","codes,428,1","coicl,22,4,48,2","collapsing,41,1","collate,429,2","collect,375,1,395,1","collected,30,3,389,1,454,4","collecting,30,1","collection,389,1","collectively,428,1","college,432,3","colombo,11,1,30,2,31,1,389,2,396,1,399,2,417,1,425,2,428,2,429,2,437,1,442,1,433,1,435,1,439,1,440,2,456,1,41,1,379,1,422,1,438,1","coltd,23,1","combination,431,1","come,26,1,37,1,383,2,390,1,429,2,41,1","comes,30,1,441,1,41,1","come-up,429,1","comfort,454,1,41,1","coming,428,1,456,2,457,3","command,432,2","commandant,432,1","commander,432,2","commanders,432,1","commence,17,1,25,1,377,1,384,1","commenced,30,1,376,1,440,1,457,1","commencement,37,1,392,2,454,1","commencing,24,1,37,1,389,1,390,1","commendable,429,1,41,1","commensurate,30,1","comments,11,1,14,1,15,1,30,1,376,2,442,1,433,2,435,1,12,1","commerce,1,1,30,3,442,2,41,1","commercial,400,5,456,9,22,2,48,4,394,2,455,10,457,9","commission,1,1,17,2,29,7,30,2,36,1,400,7,429,2,441,1,454,1,456,4,432,2,455,4,457,4","commissioner,432,1","commitment,41,2","commitments,385,1,376,1,441,1,454,1","committee,30,5,37,2,429,10,437,4,41,1,432,2","committees,428,1,41,1","common,41,1","commotion,30,3","communicate,17,1,384,1","communicated,387,1","companies,1,1,2,1,3,3,6,4,11,1,9,1,10,3,13,1,15,1,16,1,20,2,17,2,18,2,23,4,24,4,25,7,26,1,28,1,29,1,30,22,37,37,38,1,40,3,31,1,32,1,33,1,34,1,35,3,36,6,42,6,43,3,47,1,385,2,392,2,393,1,403,2,404,1,383,2,375,4,376,7,377,1,378,1,380,1,381,6,386,4,387,1,388,1,389,5,390,3,391,3,396,1,397,1,398,1,399,1,400,2,402,2,409,2,417,1,421,1,425,1,429,5,436,1,437,4,441,15,442,1,430,1,431,1,433,1,435,2,439,1,440,3,454,1,456,4,4,1,5,1,7,1,8,1,12,1,22,4,464,1,41,16,48,2,382,1,379,1,384,1,394,2,395,1,401,1,419,1,422,1,432,1,438,1,455,3,457,4","companies&rdquo,36,1","company,6,8,11,1,13,1,14,1,17,16,23,2,24,19,25,2,30,17,39,1,37,6,35,8,42,6,43,8,385,2,392,3,376,3,381,2,387,1,389,3,400,4,441,15,431,3,456,4,22,28,41,7,48,3,379,1,384,1,455,9,457,4","company&rdquo,456,2,455,2,457,2","company&rsquo,392,1,37,1","companywise,22,3","company-wise,48,1","comparable,41,1","comparative,33,1,391,2","compare,441,1","compared,436,2,22,12,41,1","comparisons,41,1","compatible,429,1","compel,454,1","compensate,454,1","compensation,28,1,29,2,30,2,417,3,421,1,435,3,454,1,41,1","competence,376,1","competency,30,3,36,1","competing,41,1","competition,429,3,435,1","competitive,417,1,429,2,435,1,439,1,41,1,422,1,438,1","competitor,429,3","compilation,32,1,33,1","complain,9,1,8,1","complainant,376,1,41,1","complaint,11,1,36,1,376,2,7,1,41,1","complaints,9,2,20,3,18,2,36,1,376,1,402,1,436,1,430,2,431,1,7,3,8,2,41,1","complaints.htm,7,4","complaints_confirmation.asp,8,4","complaints_success.htm,9,4","complete,42,1,391,1,441,1,37,2,41,2","completed,24,1,41,1","completeness,37,1","completing,24,1","completion,36,1,436,1,41,1,432,1","complex,30,1,41,1","complexities,454,1","compliance,1,2,2,2,3,2,6,4,11,2,9,2,10,4,13,2,15,2,16,2,20,2,17,2,18,2,23,2,24,2,25,2,26,2,28,2,29,2,30,3,38,2,40,3,31,2,32,2,33,2,34,2,35,3,36,4,42,4,43,3,47,2,385,2,392,2,393,2,403,2,404,2,383,2,375,2,376,2,377,2,378,2,380,2,381,3,386,2,387,2,388,2,389,2,390,2,391,2,396,2,397,2,398,2,399,2,400,2,402,2,409,2,417,2,421,2,425,2,436,2,437,2,441,2,442,2,430,2,431,2,433,2,435,2,439,2,440,2,454,2,456,2,4,2,5,2,7,2,8,2,12,2,22,2,37,10,464,2,41,6,48,2,382,2,379,2,384,2,394,2,395,2,401,2,419,2,422,2,432,2,438,2,455,2,457,2","compliance_regulatory_reporting.htm,10,4","compliant,41,3","complied,25,1,36,1,385,3,409,1,429,2,454,1","comply,30,1,383,1,376,2,386,1,454,3,456,1,457,2","complying,29,1,376,1,429,2","component,429,1,441,3,454,2,431,1","components,441,1","composite,30,1,441,2","comprehensive,429,2,37,1","comprising,29,2,454,1","compulsory,429,2","computation,454,2","computed,456,2,455,1","comserve,432,1","concentrate,22,1","concept,454,1","concepts,41,1","concern,376,1,402,1,37,1","concerned,376,1,389,1,37,1,431,1","concerns,376,1","conclusion,429,1,41,1","concurrence,29,1,36,1,41,1","condition,17,2,42,1,392,1,456,1,37,3,455,4,457,1","conditions,400,1,409,2,417,2,429,3,441,2,454,3,395,1,422,2,455,1","conducive,41,1","conduct,29,1,30,1,36,1,396,1,399,1,428,1,441,1,454,5","conduct&rdquo,36,1","conducted,30,1,36,1,454,1","conducts,30,4","confederation,29,1","conference,41,2","conferences,428,1","conferred,432,1","confidential,376,1","confirming,10,1,402,2","conformity,24,1,389,1,391,1,402,3","confronted,431,1","confuse,431,1","congress,31,1","connected,29,2","consciousness,22,1","consecutive,454,1","consensus,429,1","consent,428,1","consequence,41,1","consequences,41,1","consequent,376,1,41,1","consequently,431,1","consider,30,1,36,1,375,1,428,1,384,3","consideration,429,3,441,2,41,1","considerations,435,1","considered,30,1,393,1,387,1,429,2,456,4,37,1,455,5,457,4","considering,428,1,433,1","consist,428,2,457,1","consistent,428,1,454,1,37,1","consisting,30,1","consists,30,1","consolidating,429,1","consolidation,32,1,33,1","constant,456,3,457,3","constitution,1,1,28,1,30,1,32,1,33,1,36,1,428,8,439,1,440,1","constitutional,29,1","construction,2,1,3,1,47,1,429,4,4,1","consult,41,1","consultancy,24,3,384,4","consultant,30,1,37,1","consultants,376,2,48,2,394,2","consultation,30,1,33,2,37,2","consultations,1,2,2,2,3,2,11,2,9,2,10,2,13,2,15,2,16,2,20,3,17,2,18,3,23,2,24,2,25,2,26,2,28,2,29,2,30,2,38,2,40,4,31,2,32,2,33,2,34,4,35,2,36,2,42,2,43,2,47,2,385,2,392,2,393,2,403,2,404,2,383,2,375,2,376,2,377,2,378,2,380,2,381,2,386,2,387,2,388,2,389,2,390,2,391,2,396,2,397,2,398,2,399,2,400,2,402,2,409,2,417,2,421,2,425,2,429,1,436,2,437,2,441,2,442,2,430,2,433,2,435,2,439,2,440,2,454,3,456,3,4,2,5,2,6,2,7,2,8,2,12,2,22,2,37,2,464,2,41,2,48,2,382,2,379,2,384,2,394,2,395,2,401,2,419,2,422,2,431,2,432,2,438,2,455,3,457,3","consulted,387,1","consumer,441,1","consumers,441,2,41,2","contact,1,3,2,2,3,2,11,7,9,3,10,2,13,5,14,1,15,6,16,2,20,2,17,2,18,2,23,2,24,2,25,2,26,2,28,2,30,2,39,1,38,2,40,3,31,2,32,2,33,2,34,2,35,2,36,2,42,2,43,2,47,2,385,2,392,2,393,2,403,2,404,2,383,2,375,2,376,2,377,2,378,2,380,2,381,2,386,2,387,2,388,2,389,2,390,2,391,2,396,2,397,2,398,2,399,2,400,2,402,2,409,2,417,3,421,2,425,3,437,2,442,2,430,2,433,2,435,2,436,2,439,2,440,2,441,2,454,2,456,2,4,2,5,2,6,2,7,2,8,2,12,5,22,2,29,2,37,2,464,2,41,2,48,2,382,2,379,2,384,2,394,2,395,2,401,2,419,2,422,2,431,2,432,2,438,2,455,2,457,2","contact_us.htm,11,4","contact_us_backup_ver1.1.htm,12,4","contact_us_confirm.asp,13,4","contact_us_email_format.htm,14,4,461,8","contact_us_success.htm,15,4","contacting,9,1,15,1","contain,454,3,384,1","contained,392,1,456,1,457,1","containing,384,1","contains,29,1","contemplates,30,1","content,45,1","contents,429,1,6,1","content-type,461,1","context,376,1,456,1,41,1,455,1,457,1","contingencies,454,1","contingency,456,2,41,1,455,1,457,2","contingent,441,1,457,1","continual,30,1","continue,456,1,41,2,431,2","continued,429,2,22,3,441,1","continuing,437,1,41,1","continuous,41,1,441,1","continuously,30,1","contract,400,4,436,7,454,14,441,8","contracting,454,1","contracts,1,1,409,1,429,1,436,1,37,1,41,3,441,1","contractual,454,1,41,1,384,1","contrary,404,1,456,1,457,1","contravenes,383,1","contravention,383,1","contribute,30,1","contributed,22,2","co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29,1","export,30,2","exported,442,1","exporters,442,1","exposed,429,1,41,1","exposure,429,2,456,1,455,7,457,1","exposures,429,2","expressed,387,1,431,1,454,1","extended,429,1","extending,36,1","extension,384,2,454,1,457,4","extensions,429,1","extent,428,1,440,1,30,1,37,1,41,1","external,37,2,41,1,454,1","extinguish,429,1","extinguished,441,1","extinguishing,429,1","extra,429,3,441,1,457,1","extracting,37,1","extraordinary,398,1","f3,456,2,455,2,457,2","face,41,1,454,1","facie,456,1,457,1","facilitate,428,1,440,1,30,1,37,1,454,2","facilities,376,1,429,2,36,3","facility,429,1,454,1","facing,431,1","fact,376,1,387,1,428,1,17,1,441,1","factor,441,1","factories,429,2","factors,429,2","factory,429,1","facts,436,1,441,2","facultative,385,1","fail,386,1,389,1,382,1","failing,386,1,436,1","fails,383,1","failure,381,1,389,1,41,1","fair,454,3","fall,376,1,37,1","falls,376,1","false,461,4","family,17,4,441,3","faq,1,2,2,2,3,2,9,2,10,2,11,2,13,2,15,2,16,2,20,2,18,2,25,2,26,2,28,2,38,2,40,3,31,2,32,2,33,2,34,2,35,2,42,2,43,2,47,2,385,2,393,2,404,2,383,2,376,2,377,2,378,2,380,2,381,2,386,2,387,2,389,2,390,2,391,2,392,2,396,2,397,2,398,2,399,2,402,2,409,2,417,2,421,2,425,2,442,2,430,2,433,2,435,2,436,2,437,2,439,2,440,2,456,2,4,2,5,2,6,2,7,2,8,2,12,2,17,4,22,2,23,2,24,2,29,2,30,2,36,2,37,2,464,2,41,2,48,2,382,2,375,2,379,2,384,2,388,2,394,2,395,2,400,2,401,2,403,2,419,2,422,2,431,2,432,2,438,2,441,2,454,2,455,2,457,2","faq.htm,17,4","fasd,14,1","fashion,429,1","favour,389,1,429,1","favourably,384,2","favoured,30,1","fax,11,2,15,1,417,1,425,2,442,1,433,1,435,1,437,1,439,1,440,1,12,1,422,1,438,1","fbim,432,1","fea,429,2","feasibility,433,1,435,1","feasible,428,2,440,1,30,1","features,429,1,454,5","feb,18,1,375,2,379,1","february,385,1,390,1,23,3","federation,29,2","fee,25,2,389,2,428,1,388,1,400,1,454,2","feed,20,1,18,1,40,1","fees,24,2,454,1","fellow,25,1,24,1,432,1","felt,429,1","female,457,1","fernando,1,1,11,1,15,1,429,1,12,1,30,1","ff,454,1","field,1,2,384,1","fields,11,1,384,1","fifty,37,1","fifty-five,22,1,457,1","fifty-four,441,1","figure,41,1","figures,391,1","file,376,1,387,1,37,1,41,1,454,1","filed,37,1,41,1,454,1","files,376,2","fill,384,2","filling,17,1","final,37,1,431,1","finalization,37,1","finance,437,1,456,3,29,2,30,8,37,1,384,1,432,1,441,1,454,1,455,4,457,3","financial,1,1,10,2,42,1,389,7,390,4,391,10,428,2,436,1,440,1,17,1,22,1,24,3,29,3,30,1,37,16,41,4,48,1,375,2,394,1,400,4,441,2,454,2,455,6,456,7,457,5","find,393,1,398,1,29,1","findings,376,1,37,2","finite,455,1,456,1,457,1","finlay,22,1,394,1","fire,28,1,429,49,439,2,22,7,30,6,41,1,48,6,400,2,438,3","fire_tariff.pdf,429,4","firm,376,4","first,428,2,429,3,30,1,36,1,37,1,400,2,432,4,441,1,454,1,457,1","fit,36,4,41,1","fitch,455,2,456,2,457,2","five,389,1,440,1,29,1,30,1,36,1,37,1,400,1,455,2,456,2,457,5","fix,428,1","fixed,428,1,48,2,441,3,454,4,455,1,456,1,457,2","flat,429,1,454,3","flood,429,2,403,1","flow,391,1,24,1,37,1,454,2","flows,454,1,455,1,456,1,457,1","fluctuations,454,2","fmail,45,1","focus,429,1","focused,429,1,37,1","followed,376,1,429,4,22,1,37,1","following,35,2,42,3,43,2,385,1,389,2,390,1,392,1,428,1,442,1,436,1,6,2,24,1,29,2,37,2,384,3,394,1,432,1,441,2,454,5,455,2,456,3,457,5","follows,385,1,425,1,436,2,37,1,441,1","footer.jpg,273,8","force,26,1,389,1,429,1,17,1,30,1,441,1,457,2","forces,432,1","foreign,28,1,376,2,397,2,442,1,30,1,375,3,384,13,395,5","foreseen,41,1","forgot,20,1","form,11,1,25,2,43,1,389,6,429,1,17,1,24,4,400,2,454,6","format,439,1,438,1,454,1","formats,42,5,37,10,454,1","formed,429,1","forms,1,2,2,2,3,2,9,2,10,2,11,2,13,2,15,2,16,4,20,2,18,2,25,2,26,2,28,2,38,2,40,3,31,2,32,2,33,2,34,2,35,2,42,2,43,2,47,2,385,2,404,2,383,2,376,2,377,2,378,2,380,2,381,2,386,2,387,2,389,4,390,2,391,2,392,2,396,2,397,2,398,2,402,2,409,2,417,2,421,2,425,2,442,2,430,2,433,2,435,2,436,2,437,2,439,2,440,2,4,2,5,2,6,2,7,2,8,2,12,2,17,3,22,2,23,2,24,3,29,2,30,2,36,2,37,2,464,2,41,2,48,2,382,2,375,2,379,2,384,2,388,2,393,2,394,2,395,2,399,2,400,2,401,2,403,2,419,2,422,2,431,2,432,2,438,2,441,2,454,2,455,2,456,2,457,2","formulate,30,1","formulated,30,3,36,1,41,2","formulation,376,1","forthwith,404,1,387,1","forty-five,391,1,37,1","forum,28,2,428,26,439,1,440,6,30,7,41,1","forward,442,1","forwarded,376,1,429,1,439,1,438,1","forwarding,431,1","fostering,41,1","found,389,1,30,1","founder,29,1","four,1,1,18,1,37,2,457,2","fourths,428,1","frames,41,1","framework,33,1,36,1,37,1,41,7","free,32,1,33,1,431,1","freehold,400,1,455,2,456,5,457,5","free-look,454,3","frequency,41,1","frequently,454,1","fruitful,41,1","fulfil,441,2","fulfillment,25,1","fulfils,441,1","full,392,6,431,1","fully,41,1,454,2,455,4,456,5,457,3","function,425,1,428,1,433,2,41,1,384,2,441,3","functions,1,4,32,1,33,1,428,2,36,1,431,1,432,1","fund,390,6,429,3,29,2,30,17,37,1,400,3,454,54,455,9,457,6","fund&rdquo,455,1,457,1","fund&rsquo,454,1","fundamental,429,1","funded,454,2","funding,30,1","funds,390,2,395,1,454,21,455,3,456,2,457,3","funds&rdquo,455,1,456,1,457,1","furnish,389,1,39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454,1","prices,435,1,454,5","pricing,454,4","prima,456,1,457,1","primarily,455,1,456,1,457,1","primary,37,1","principal,1,1,24,12,25,4,36,1,375,1,381,5,389,7,456,1,457,1","principals,376,1","principle,429,1,36,2","principles,36,1,41,1,454,1","print,384,1","prior,24,4,30,1,37,3,382,2,376,1,384,2,389,4,441,1,454,2,455,1,456,2","priority,30,1,375,1,379,2,394,1,440,1","private,429,1,24,1,394,2,432,1","privatisation,429,1","proactive,41,2","problems,376,2","procare,375,1,399,2","procedure,428,1,17,1,30,1,37,1","procedures,30,1,376,2,454,2","proceed,428,1","proceedings,17,1,376,1","proceeds,17,2,397,1,455,1,456,1,457,1","process,428,1,429,1,30,1,36,1,37,1,41,7,42,1,376,1,384,1","processes,429,2,454,1","procure,30,1","procuring,454,3","produce,457,1","produced,454,1,457,1","producing,457,1","product,22,1,37,1,41,2,441,2,454,18","product.&mdash,454,1","productive,41,1","products,17,1,29,1,30,2,41,3,441,10,454,8,457,1","professional,1,2,24,2,25,1,29,2,30,1,37,1,382,1,381,2,384,1,389,1,400,2,432,1,441,1,454,1","professionalism,454,2","profile,37,1,41,1","profiles,37,1","profit,48,3","profitable,429,1,30,1","profits,441,2","programme,421,1","programmes,1,1","progressive,41,1","progressively,41,2","prohibited,382,1,389,1","projected,24,1,37,1","projecting,41,1,454,1","projection,454,3","projects,429,3","promote,428,1,30,1,41,2,384,1,440,1,441,1","promotion,384,1","promulgated,455,1","proof,429,1,17,1,384,2,387,1,456,1,457,1","proper,428,1,429,8,36,2,41,2,381,1,454,3","proper&rdquo,36,2","properly,441,1,454,1","properties,41,2,48,1,455,1,457,1","property,404,1,429,3,1,1,41,1,454,2","proportion,454,2","proposal,28,1,17,1,435,1,454,1","propose,30,1","proposed,429,1,34,3,41,1,455,1,456,1,457,1","prosecuted,454,1","prospective,442,1","prospects,454,1","protect,441,1","protection,22,1,30,4,41,1,48,2,375,1,379,2,394,2,431,1,436,2,441,3,454,1","prove,441,1","proves,431,1","provide,428,1,30,1,36,1,37,1,41,1,376,2,441,7,454,2,456,1,457,3","provided,428,2,17,1,24,2,37,2,41,1,376,1,389,1,397,1,436,1,437,1,441,1,456,4,457,8","providers,41,1","provides,441,1,457,1","providing,30,1,41,1,441,1,454,2","provision,390,1,440,1,441,1,456,2,457,3","provisioning,41,1","provisions,383,1,386,1,409,1,425,1,428,2,24,2,25,2,30,4,36,4,37,1,41,3,385,1,387,1,441,1,454,3,455,1,456,3,457,5","proviso,400,1","prudent,1,1,37,1,441,1","prudential,22,2,30,2,41,1,454,1","pte,394,2,432,2","public,2,2,9,2,10,2,11,2,13,2,15,2,16,2,20,3,28,2,40,4,31,2,33,2,47,2,404,2,383,2,380,2,386,3,402,2,409,2,417,5,421,3,425,3,430,2,439,2,1,2,3,2,4,2,5,2,6,2,7,2,8,2,12,2,17,2,18,3,22,3,23,2,24,3,25,3,26,2,29,3,30,4,32,2,34,4,35,2,36,4,37,2,38,2,464,2,41,7,42,2,43,2,48,2,382,2,375,2,376,2,377,2,378,2,379,2,381,2,384,2,385,2,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,419,2,422,3,431,5,432,3,433,3,435,2,436,2,437,3,438,2,440,2,441,4,442,2,454,4,455,3,456,3,457,3","public_consultation1.htm,454,4","public_consultation2.htm,455,4","public_consultation3.htm,456,4","public_consultation4.htm,457,4","public_consultations.htm,34,4","publication,33,1,32,1","publications,2,2,9,2,10,2,11,2,13,2,15,2,16,2,20,2,28,2,40,3,31,2,33,5,47,2,404,2,380,2,386,2,402,2,409,2,417,2,421,2,425,2,428,1,430,2,439,2,1,2,3,2,4,2,5,2,6,2,7,2,8,2,12,2,17,2,18,2,22,2,23,2,24,2,25,2,26,2,29,2,30,2,32,5,34,2,35,2,36,5,37,2,38,2,464,2,41,2,42,2,43,2,48,2,382,2,383,2,375,2,376,2,377,2,378,2,379,2,381,2,384,2,385,2,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,419,2,422,2,431,2,432,2,433,2,435,2,436,2,437,2,438,2,440,2,441,2,442,2,454,2,455,2,456,2,457,2","publications.htm,32,4","publications_old.htm,33,4","publicity,41,1","publish,428,1","published,33,1,30,4,36,2,37,1,389,1,398,1,422,1,431,1","publishing,42,1","purchase,454,5","purchased,454,1","purchases,454,1","purchasing,36,1,41,1,441,2","pure,441,1","purports,17,1","purpose,428,1,1,1,29,2,30,3,37,1,41,3,384,2,387,1,389,1,392,1,395,1,400,2,431,1,441,6,454,1,455,1,456,2,457,8","purposes,428,2,37,1,400,1,441,1,455,1,456,3,457,3","pursuant,36,1,437,1","purview,30,1,376,1","pvt,14,1,18,1,22,8,48,21,375,3,376,1,379,2,394,29,396,2,399,2,432,1","q1,17,1","q10,17,1","q11,17,1","q2,17,1","q3,17,1","q4,17,1,37,3","q5,17,1","q6,17,1","q7,17,1","q8,17,1","q9,17,1","quakes,41,1","qualification,409,2,24,3,25,3","qualifications,1,1,25,1,30,2,36,2,375,1,377,1","qualified,25,2,432,1","qualifies,30,1,441,1","qualitative,454,1","quality,454,1,455,1,456,1,457,1","quarter,380,1,35,1,37,2,391,1","quarterly,10,2,380,2,22,1,30,1,35,2,37,13,375,1,390,1,391,2,454,1","quarterly_returns.htm,35,4","quarters,37,1","question,429,1","questions,11,1","quick_links.jpg,288,8","quicklinks2.jpg,287,8","quorum,428,1","quotation,429,2","quotations,429,1","quoted,454,1","railways,30,2","raised,437,1","raises,41,1","rakshana,6,1,22,2,23,1,35,1,42,1,43,1","rangachary,428,1,440,1","ranjini,432,1","rare,429,1","rarely,429,1","ras,37,5","rate,429,19,17,2,22,12,30,2,48,3,400,1,431,2,457,9","rated,429,2,400,2,455,2,456,3,457,2","rates,28,1,417,1,429,25,30,5,398,1,422,1,437,5,454,1","rather,429,5","rating,429,18,37,4,41,1,454,2,455,25,456,24,457,24","rating&rdquo,455,1,456,1,457,1","ratings,455,5,456,5,457,5","ratio,41,1,48,2","ravages,441,1","rbs,41,2","rd,23,1","reach,41,1","read,377,2,456,1,457,1","real,431,1","realisable,457,1","really,441,1","reason,30,1,41,1,376,1","reasonable,429,1,376,1,454,1","reasons,384,1","rebalancing,454,1","receipt,17,1,376,1,384,2,387,1,454,4","receipts,428,1,17,1","receivable,456,1,457,1","receivables,455,1,456,1,457,1","receive,428,1,17,1,400,4,440,1","received,428,2,36,1,41,1,376,1,387,1,454,5,455,1,456,1,457,1","receives,17,2","receiving,441,1","recent,2,2,9,2,10,2,11,2,13,2,15,2,16,2,20,2,28,2,40,4,31,2,47,2,404,2,380,2,386,2,402,2,409,2,417,2,421,2,425,2,430,2,439,2,1,2,3,2,4,2,5,2,6,2,7,2,8,2,12,2,17,2,18,2,22,2,23,2,24,2,25,2,26,2,29,2,30,2,32,2,33,2,34,2,35,2,36,4,37,4,38,2,464,2,41,3,42,2,43,2,48,2,382,2,383,2,375,2,376,2,377,2,378,2,379,2,381,2,384,2,385,2,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,3,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,419,2,422,2,431,3,432,2,433,2,435,2,436,2,437,2,438,2,440,3,441,2,442,2,454,2,455,2,456,2,457,2","recent_market_developments.htm,36,4","recent_supervisory_developments.htm,37,4","recognised,392,1","recognition,41,1","recognize,41,1","recognized,428,1,30,1,37,2,41,1,441,1,455,1,456,1,457,2","recommend,375,1,384,2","recommendation,29,1,384,3,390,1,437,1","recommendations,30,1,37,3,41,2","recommended,409,1,429,1,30,1,37,1,441,1,454,1","recorded,389,1","records,376,1,454,2","recourse,454,1","recover,392,1","recovery,41,1","recruit,41,2,384,3","recruited,377,1,384,1","recruitment,429,1,41,1,384,3","redeemed,454,1","redemption,454,1","redirect,454,1","redirected,454,1","redirection,454,3","re-direction,454,2","redirections,454,1","redrafting,30,1","reduce,429,1","reduced,429,1,30,1,441,1,454,1","reducing,441,1","reduction,441,1,454,1","reference,429,1,454,8,455,1,456,2,457,1","referred,428,1,1,1,30,2,41,2,381,1,384,2,392,1,400,2,455,2,456,2,457,7","referring,429,1","refers,37,1","reflect,37,1,454,1","reflected,22,10","reflecting,22,1","reflects,22,1","refrain,387,1","refund,17,1,441,1,454,1","refundable,436,1","refusal,381,1","refused,24,4","regard,386,1,402,1,417,1,429,1,439,1,30,1,37,1,376,1,385,1,431,1,433,2,435,1,438,1,454,3","regarded,456,2,457,2","regarding,36,1,37,1,41,2,375,1,431,1,437,1,454,1","regimental,432,1","regional,428,2","regions,432,1","register,1,2,26,1,29,2,30,4,441,1","registered,380,1,417,1,421,2,17,1,23,1,24,1,25,2,29,1,30,7,36,1,383,1,375,3,384,1,385,1,389,1,393,2,394,4,395,1,396,1,397,2,399,1,400,3,441,3,455,2,456,2,457,2","registrar,24,2,25,2","registration,16,3,23,1,24,18,25,3,30,6,36,1,37,3,382,4,375,2,379,2,388,1,389,10,394,1,400,2","registrations,30,1","regular,428,1,400,1,454,1","regulate,30,1,441,1","regulated,29,1,30,1,455,1,456,1,457,1","regulating,29,2","regulation,380,1,386,1,409,2,425,1,1,1,23,1,24,1,29,1,30,2,32,2,33,2,36,1,41,1,383,2,375,1,376,1,377,1,378,1,387,1,389,3,390,1,393,1,394,2,396,1,397,1,398,2,399,1,433,1,437,1,440,1,441,3,454,2,455,3,456,4,457,3","regulations,409,3,24,1,30,3,32,1,33,1,37,1,41,1,376,1,385,1","regulator,41,7","regulators,28,2,428,3,429,2,439,1,29,1,30,1,41,1,376,2,440,5","regulators&rsquo,30,2","regulatory,2,2,9,2,10,4,11,2,13,2,15,2,16,2,20,2,28,2,40,3,31,2,47,2,380,2,386,2,402,2,409,2,417,2,421,2,425,2,428,8,430,2,439,2,1,2,3,2,4,2,5,2,6,3,7,2,8,2,12,2,17,2,18,2,22,2,23,2,24,2,25,2,26,2,29,2,30,5,32,2,33,3,34,2,35,3,36,2,37,4,38,2,464,2,41,9,42,7,43,3,48,2,382,2,383,2,375,2,376,5,377,2,378,2,379,2,381,2,384,2,385,3,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,404,2,419,2,422,2,431,3,432,2,433,2,435,2,436,2,437,2,438,2,440,5,441,2,442,2,454,2,455,2,456,2,457,2","reinstating,17,1","reinsurance,429,3,22,3,30,1,36,1,37,9,41,3,48,2,385,1,442,1","re-insurance,10,1,33,1,32,1,41,2","reinsurances,455,2,457,2","reinsurer,37,1","reinsurers,429,2,37,1,41,2,48,1,385,1","re-insurers,456,1,457,1","reject,428,1,441,1","relate,41,1","related,1,1,24,6,25,1,29,1,32,1,33,1,36,1,400,1,442,3,455,2,456,2,457,2","relates,400,4","relating,429,2,24,1,25,1,30,2,33,2,36,3,37,1,41,1,376,1,377,1,384,1,390,1,441,1,454,2","relation,36,1,376,2","relationship,429,1,30,2","relatively,436,1,440,1","relaxation,28,1,442,1","release,28,1","releases,2,1,9,1,11,1,13,1,15,1,16,1,20,1,40,2,31,1,47,1,380,1,386,1,402,1,409,1,417,1,421,1,425,1,439,2,1,1,3,1,4,1,5,1,6,1,7,1,8,1,10,1,12,1,17,1,18,1,22,1,23,1,24,1,25,1,26,1,28,1,29,1,30,1,32,1,33,1,34,1,35,1,36,1,37,1,38,1,464,1,41,1,42,1,43,1,48,1,382,1,383,1,375,1,376,1,377,1,378,1,379,1,381,1,384,1,385,1,387,1,388,1,389,1,390,1,391,1,392,1,393,1,394,1,395,1,396,1,397,1,398,1,399,1,400,1,401,1,403,1,404,1,419,1,422,1,430,3,431,2,432,2,433,2,435,2,436,2,437,2,438,2,440,2,441,2,442,2,454,1,455,1,456,1,457,1","relevant,428,1,37,4,41,1,42,1,382,1,376,1,384,7,389,1,454,3","reliable,429,1,41,1","relief,41,1","religiously,429,1","relinquish,400,1","relinquished,432,1","re-look,429,1","re-looked,429,1","remaining,428,1","remains,17,1,392,1,441,1","remedial,37,1,376,1","remember,441,1","remind,431,1","reminder,41,1","remit,429,1","remitted,389,1","remote_addr,39,1","remove,439,1,438,1","removed,376,1","remuneration,428,1,17,1,48,1,400,2","render,30,1","rendered,432,1","renew,382,1,389,1","renewal,16,1,24,8,37,1,382,5,375,2,379,1,388,1,389,13,392,5,394,1,400,1","renewed,24,1,30,1,379,1","repayable,441,1","repayment,454,1","repealed,400,1","replace,17,1,37,1","replaced,400,1","report,386,1,428,1,429,2,30,1,32,5,33,5,37,1,41,1,375,1,376,1,437,3","reported,429,1,404,1,455,1,456,2","reporting,2,2,9,2,11,2,13,2,15,2,16,2,20,2,40,3,31,2,47,2,386,2,402,2,409,2,417,2,421,2,425,2,428,1,439,2,1,2,3,2,4,2,5,2,6,3,7,2,8,2,10,4,12,2,17,2,18,2,22,2,23,2,24,2,25,2,26,2,28,2,29,2,30,3,32,2,33,2,34,2,35,3,36,2,37,8,38,2,464,2,41,4,42,10,43,3,48,2,382,2,383,2,375,2,376,2,377,2,378,2,379,2,380,2,381,2,384,2,385,2,387,2,388,2,389,2,390,2,391,3,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,404,2,419,2,422,2,430,2,431,2,432,2,433,2,435,2,436,2,437,2,438,2,440,3,441,2,442,2,454,2,455,2,456,2,457,2","reports,2,2,9,2,11,2,13,2,15,2,16,2,20,2,40,3,31,2,47,2,386,7,402,2,417,2,421,2,425,2,428,2,439,2,1,2,3,2,4,2,5,2,6,2,7,2,8,2,10,2,12,2,17,3,18,2,22,2,23,2,24,2,25,2,26,2,28,2,29,2,30,2,32,4,33,4,34,2,35,2,36,2,37,9,38,2,464,2,41,2,42,3,43,2,48,2,382,2,383,2,375,3,376,2,377,2,378,2,379,2,380,2,381,2,384,2,385,2,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,404,2,409,2,419,2,422,2,430,2,431,2,432,2,433,2,435,2,436,2,437,2,438,2,440,2,441,2,442,2,454,2,455,2,456,2,457,2","represent,17,3,454,1","representation,431,1","representations,439,3,30,3,431,1,433,1,437,2,438,3","representative,428,6","representatives,428,4,30,1","represented,428,1,432,1,455,1,457,1","represents,428,1,17,2,454,1","reprimanded,429,1","repurchase,454,2","request,428,3,7,1,28,1,376,1,384,5,392,1,442,1,454,3","request.servervariables,39,1","requested,386,1,428,1,37,4,42,1,376,2,387,4,389,1,437,1,442,2","requesting,30,1,37,1,437,1","requests,439,1,37,1,382,1,389,1,391,1,438,1","require,428,1,429,1,41,1,376,2","required,11,1,386,1,428,1,429,1,17,1,30,4,36,1,37,9,41,3,382,3,376,1,381,1,384,2,385,1,389,3,390,4,391,1,392,2,400,1,441,1,454,7,455,2,456,3,457,6","requirement,30,6,37,3,41,2,404,1,455,2","requirements,386,1,402,1,25,1,37,5,42,1,376,2,385,1,441,2,454,2,456,1,457,2","requires,6,1,36,1,37,1,380,1,404,1,441,1,455,1,456,1,457,1","reservation,428,3","reserve,400,3,455,16,456,15,457,1","reserve&rdquo,390,2","reserved,390,1","reserves,37,1,41,2,385,1,454,1,455,2,456,3,457,1","reserving,41,1,385,1,457,1","residence,432,1","resident,375,1,384,8,397,1","resignation,428,1","resolution,36,2,41,2","resolving,41,1","resources,41,1","respect,386,1,429,6,1,1,22,4,25,3,30,5,36,1,384,1,385,1,390,1,392,2,395,1,397,1,400,2,401,1,403,2,422,1,437,1,454,17,455,1,457,5","respective,30,1,36,1,37,1,41,1,381,1,454,4","respectively,386,1,22,1,30,1,41,1","response,20,1,18,1,37,1,430,1,431,1,436,1","response.redirect,39,1","responses,37,1","responsibilities,376,1,441,1","responsibility,417,1,1,2,30,1,41,2,381,1,422,1,441,1,454,1","responsible,24,1,25,1,29,1,30,1","restraining,387,1","restriction,28,1,442,1,454,3","restrictions,417,1,422,2,441,1,455,2,456,1,457,1","re-submit,37,1","result,22,1,30,4,41,1,381,1,389,1,404,1,441,1,457,1","resulting,41,1,436,1,441,1","results,37,1,38,2,464,2,48,1,384,2","retain,25,1","retained,22,2","retaining,429,1","retention,429,1,22,8,41,1,48,2,385,1","retired,432,1","retirement,441,2","return,37,1,457,2","returned,432,1","returns,421,1,10,3,22,1,35,2,37,16,42,1,43,1,375,1,380,2,391,1,441,1","revaluation,456,2,457,2","re-valued,456,2,457,2","revealed,41,1","reversionary,457,1","review,37,6,41,1,376,1,432,1,435,1","reviewed,429,1,37,7,390,1,435,1,455,1,456,1,457,1","reviews,37,2","revise,429,2,30,1,437,1","revised,30,3,437,1","revision,439,1,28,3,30,1,435,1,437,7,438,2","revisions,429,1,30,1","revoked,392,1","revolving,455,1,456,1,457,1","rider,436,4,454,4","riders,436,2,454,2","rifle,432,1","right,428,3,441,3,454,1","rights,41,1,392,1,441,2,455,1,456,1,457,1","rii,386,2,402,2,24,5,25,1,30,16,32,1,33,1,36,5,37,7,41,1,382,1,385,1,389,2,454,4","riot,429,9,30,3","riots,429,5","risk,429,10,10,1,17,1,32,1,33,1,36,1,37,10,41,11,43,1,385,1,436,1,441,2,454,5,455,1,456,2,457,3","risks,417,1,429,8,17,1,30,2,41,16,422,1,441,5,454,4","risksstock,429,1","road,30,6,396,1,399,1","rodrigo,14,1","role,41,2","roles,41,3","room,2,4,9,4,11,4,13,4,15,4,16,4,20,4,40,6,31,4,47,6,386,4,402,4,421,4,425,4,429,1,439,4,1,4,3,4,4,4,5,4,6,4,7,4,8,4,10,4,12,4,17,4,18,4,22,4,23,4,24,4,25,4,26,4,28,5,29,4,30,4,32,4,33,4,34,4,35,4,36,4,37,4,38,4,464,4,41,5,42,4,43,4,48,6,381,4,382,4,383,4,375,4,376,4,377,4,378,4,379,4,380,4,384,4,385,4,387,4,388,4,389,4,390,4,391,4,392,4,393,4,394,4,395,4,396,4,397,4,398,4,399,4,400,4,401,4,403,4,404,4,409,4,417,4,419,4,422,4,430,4,431,4,432,4,433,4,435,4,436,4,437,4,438,4,440,4,441,4,442,4,454,4,455,4,456,4,457,4","ro-pa,375,1,396,2","royal,428,1,30,2,432,1","rregulatory,42,1","rs.1,22,7","rs.100,22,1,30,2,454,1","rs.103,22,1","rs.11,22,1","rs.12,22,2","rs.14,22,2","rs.16,22,1","rs.17,22,4","rs.2,22,5","rs.2004,22,1","rs.204,22,1","rs.22,22,4","rs.25,30,1","rs.250,33,1","rs.29,22,1","rs.300,429,2","rs.300million,429,1","rs.310,22,2","rs.338,22,1","rs.354,22,3","rs.37,22,1","rs.383,22,1","rs.4,22,3","rs.421,22,1","rs.469,22,1","rs.5,22,3,41,1,400,1","rs.50,30,1","rs.500,36,1,41,1","rs.577,22,1","rs.6,22,1","rs.691,22,1","rs.8,22,2","rs.82,22,1","rs.88,22,1","rs.900,454,1","rs.99,454,1","rugby,432,1","rule,429,1,30,1,409,1,455,1,456,7,457,20","rules,428,1,429,3,24,1,26,1,30,4,32,1,33,1,34,2,41,3,376,2,377,3,409,5,454,1,455,1,456,13,457,22","run&rdquo,30,1","rupees,22,1,30,2,36,1,37,3,48,5,389,1","sa,381,1","safa,29,1","safe,455,1,456,1,457,1","safeguard,429,1","safeguarding,429,1,1,1,441,2","safer,30,1","safety,30,5","said,428,1,30,1,383,1,377,1,431,1,441,1","sairf,30,2","salaried,441,1","sale,32,1,33,1,48,1,454,4","sales,429,1,24,3,441,2,454,11","salpitikorala,431,1","samagama,6,1,22,2,23,1,35,1,42,1,43,1","same,429,7,1,1,6,1,17,1,22,1,35,1,36,1,381,1,392,1,395,1,400,2,431,1,455,4,456,4,457,2","samiti,428,1,30,1","sanasa,6,1,17,1,22,2,23,1,35,1,42,1,43,1","sandhurst,432,1","satisfied,441,1","satisfy,384,1,417,1,422,1","save,441,1","savings,441,5,454,5","saw,429,1,41,1","say,441,1","scams,431,1,436,1","scenario,454,1","schedule,429,8,43,1,392,1","scheduled,384,1","scheme,24,1,25,1","schemes,431,1,436,1","school,432,2","schools,41,1","scientifically,429,1","scope,429,2,37,1,41,1","sdflkasd,14,1","search,2,1,9,1,11,1,13,1,15,1,16,1,20,1,40,1,31,1,47,1,386,1,402,1,421,1,425,1,439,1,1,1,3,1,4,1,5,1,6,1,7,1,8,1,10,1,12,1,17,1,18,1,22,1,23,1,24,1,25,1,26,1,28,1,29,1,30,1,32,1,33,1,34,1,35,1,36,1,37,1,38,3,464,3,41,1,42,1,43,1,48,1,381,1,382,1,383,1,375,1,376,1,377,1,378,1,379,1,380,1,384,1,385,1,387,1,388,1,389,1,390,1,391,1,392,1,393,1,394,1,395,1,396,1,397,1,398,1,399,1,400,1,401,1,403,1,404,1,409,1,417,1,419,1,422,1,430,1,431,1,432,1,433,1,435,1,436,1,437,1,438,1,440,1,441,1,442,1,454,1,455,1,456,1,457,1","search_results.htm,38,4","search_results2.htm,464,4","season,41,1","sec,29,2,36,1","second,22,1,36,2,43,1,400,1,457,1","secondary,432,1","secretariat,1,1,30,1,376,3,433,1,435,1,442,1","secretary,1,1,24,4,25,1,29,1,30,6","section,386,1,402,3,425,1,429,1,24,3,25,1,29,1,30,9,34,1,36,4,382,2,383,2,375,1,376,1,377,2,389,1,393,1,394,1,397,1,398,2,400,17,404,1,409,1,454,3,455,7,456,3,457,2","sections,383,1,400,1","sector,2,2,9,2,11,2,13,2,15,2,16,2,20,2,40,3,31,2,47,2,386,2,402,2,421,2,425,2,429,1,439,2,1,2,3,2,4,2,5,2,6,2,7,2,8,2,10,2,12,2,17,2,18,2,22,5,23,2,24,2,25,2,26,2,28,2,29,4,30,3,32,2,33,3,34,2,35,2,36,3,37,2,38,2,464,2,41,2,42,2,43,2,48,2,381,2,382,2,383,2,375,2,376,2,377,2,378,2,379,2,380,2,384,2,385,2,387,2,388,2,389,2,390,2,391,2,392,2,393,2,394,2,395,2,396,2,397,2,398,2,399,2,400,2,401,2,403,2,404,2,409,2,417,2,419,2,422,2,430,2,431,2,432,3,433,2,435,2,436,2,437,2,438,2,440,2,441,4,442,2,454,3,455,2,456,2,457,2","secured,400,1","securities,1,1,29,11,30,1,36,2,37,1,48,3,432,2,454,4,455,9,456,8,457,9","securities&rdquo,456,1","security,30,2,432,1,454,1,455,6,456,6,457,6","see,41,2","seek,30,2,394,1,454,1","seeking,428,1,5,1,36,1,379,1,384,1","seemasahitha,6,1,22,2,23,1,35,1,42,1,43,1","seen,41,2","segregated,454,4","seial,48,1","select,41,2,441,1","selected,28,1,432,1,433,1,440,1,441,5,454,1","selecting,441,1","selection,30,1","self-assessment,41,1","self-explanatory,387,1","sell,1,1,17,2,441,1,454,2","selling,17,1,441,1,454,1","sells,17,1","semi,375,1,385,1","semi-autonomous,29,1","senaratne,22,1,48,1,394,1","send,11,1,13,1,8,1,12,1,442,1","sending,9,1","sendmail.asp,39,8,463,8","senior,24,1,37,1,41,2","sent,14,1,402,1,37,1,389,1,433,1,435,1","sep,18,1,375,1","separate,429,1,390,1,454,2","separately,24,2,454,3","september,23,4,30,2,37,1,377,2,389,2,409,3,435,1","serasinhe,30,1","seresinhe,11,1,15,1,1,1,12,1,30,1,31,1,381,1,382,1,379,1,380,1,385,1,389,1,390,1,391,1,392,1,395,1","series,441,3","serious,441,1","seriously,429,1","servants,1,1","serve,41,2,384,1","served,432,1","service,429,1,30,1,381,1,432,4,442,1","serviced,455,1,456,1,457,1","services,28,1,29,2,30,3,381,1,376,1,394,2,432,1,435,1,437,1,442,8,455,1,456,1,457,1","servicing,455,1,456,1,457,1","set,45,1,428,1,429,1,29,2,37,1,41,2,376,1,385,1,390,1,391,1,400,1,441,1,454,2,455,2,456,2,457,2","setting,25,2,29,2,37,1,41,1","settle,36,1,41,1,392,1,441,1","settled,392,1,431,2","settlement,36,1,392,5,400,1,441,2,454,1","settlements,41,3","seva,432,1","seven,36,1","several,30,1,41,1,376,1,441,1","severe,429,1","sex,17,1","shall,428,43,1,2,24,10,25,8,30,1,381,1,383,2,384,11,389,1,390,1,392,5,393,1,400,14,454,61,455,8,456,30,457,42","share,22,32,24,1,25,2,30,2,37,2,48,2,441,1,455,3,456,2,457,2","shareholder,24,2,389,2,400,1","shareholder&rsquo,390,1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arrFiles=new Array();arrFiles[0]=new Array(1,"about_ibsl.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search About IBSL About IBSL Members of the Board Mr. Gamini Wickramasinghe - Chairman Mr. S. Abeysinghe Dr. (Mrs) R. Jayamaha Mr. Channa de Silva Mr. Gration Gunawardana Mr. C. P. E. Gunasingham Mr. Wilfred Wickramasinghe Principal contact persons of the Secretariat Mrs. Lasinee Seresinhe - Director General Mr. D. W. S. Narangoda - Director Supervision Mrs. Damayanthi Fernando - Assistant Director -Legal Mrs. Chamarie Ekanayake - Assistant Director - Supervision 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 The Director General of the Securities and Exchange Commission of Sri Lanka 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 this 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, moveable 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. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",21);arrFiles[1]=new Array(2,"announcements.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Announcements Announcements This page is Under Construction Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[2]=new Array(3,"blacklisted_companies.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Blacklisted Companies Blacklisted Companies This page is Under Construction Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[3]=new Array(4,"calendar_of_events.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Calendar of Events Calendar of Events This page is Under Construction Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[4]=new Array(5,"careers.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Careers Careers We appreciate your interest in seeking career opportunities with The IBSL. Currently we do not have any vacant positions. Please do visit this page again and check back later. Thank You! Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[5]=new Array(6,"circular_18_certification.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Compliance with Regulatory Reporting > Circular 18 Certification Circular 18 Certification Circular 18 requires Insurance Companies to submit to the IBSL on a half yearly basis a certification by its CEO and CFO to the contents thereof within six weeks from the end of each half year. The following companies submitted the compliance certification as stipulated by Circular 18, by 15 th August 2006. 1. Ceylinco Takaful Limited 25.07.2006 2. HNB Assurance Limited 02.08.2006 3. Amana Takaful Limited 15.08.2006 4. Ceylinco Insurance Company Limited 15.08.2006 5. Eagle Insurance Company Limited 15.08.2006 6. Seemasahitha Sanasa Rakshana Samagama 15.08.2006 7. Sri Lanka Insurance Corporation Limited 15.08.2006 The following companies submitted same subsequent to the deadline indicated above. 1. Janashakthi Insurance Company Limited 16.08.2006 2. National Insurance Corporation Limited 16.08.2006 3. Union Assurance Limited 16.08.2006 4. Hayleys AIG Insurance Company Limited 29.08.2006 5. Allianz Insurance Company Limited 31.08.2006 6. Cooperative Insurance Company Limited 31.08.2006 7. ABC Insurance Company Limited 01.09.2006 8. Life Insurance Corporation (Lanka) Limited 01.09.2006 9. Asian Alliance Insurance Company Limited 04.09.2006 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",25);arrFiles[6]=new Array(7,"complaints.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Complaints Complaints We request you to use this page for your Complaints. Thank you Your Name Your E-mail address Your Complaint Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[7]=new Array(8,"complaints_confirmation.asp","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Complaints Complaints You are about to send these details to IBSL . 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Your Name Your E-mail Your Complain Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[8]=new Array(9,"complaints_success.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Complaints Complaints Thanks for contacting us and sending your complain We will go through it and will contact you through emails if necessary. Thanks you. The Management of IBSL Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[9]=new Array(10,"compliance_regulatory_reporting.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Compliance with Regulatory Reporting Compliance with Regulatory Reporting Insurance Companies (a) Circular 18 Certification (b) Quarterly Returns (c) Submission of Cover Notes Confirming the Re-Insurance Arrangements (d) Submission of Risk Assessment Survey (e) Submission of Audited Financial Statements (f) Submission of Annual Statutory Returns Insurance Broking Companies (a) Submission of Audited Financial Statements (b) Quarterly Returns Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[10]=new Array(11,"contact_us.htm","9 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Contact Us Contact Us Send us your comments or questions about the IBSL website using the form below. Alternatively, you can also fax or write to us at: IBSL General Contact Level 7-2, East Tower World Trade Centre Echelon Square, Colombo- 01 Telephone: 2396184 - 9 Fax: 2396190 Email: ibosl@sri.lanka.net Mrs L S A Seresinhe Director General Tel: 2396181 Email: lasinee@isplanka.lk Mr D W S Narangoda Director Supervision Telephone: 2396184 Mrs Damayanthi Fernando Assistant Director Legal Tel: 2396184 - 9 Email: damayanthi@isplanka.lk Mrs Chamarie Ekanayake Assistant Director Supervision Tel: 2396184 - 9 Email: chamarie@isplanka.lk (Note that fields marked with an asterisk (*) are required.) Personal Particulars: Title * Name * Company * Position * Address * Contact Tel * E-mail Message: Nature of Message Contact Suggestion Complaint * Subject * Message Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",28);arrFiles[11]=new Array(12,"contact_us_backup_ver1.1.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Contact Us Contact Us Please send us your comments / observations using the below cage. IBSL General Contact Telephone: 2396184-9 Fax : 2396190 E-mail : ibosl@sri.lanka.net Your Name Your E-mail Have Your Message Here Mrs L.S.A. Seresinhe Director General Tel: 2396181 Email : lasinee@isplanka.lk Mr. D. W. S. Narangoda Director - Supervision Telephone: 2396184 Mrs. Damayanthi Fernando Assistant Director - Legal Tel: 2396184-9 Email : damayanthi@isplanka.lk Mrs. Chamari Ekanayake Assistant Director - Supervision Tel : 2396184-9 E-mail : chamarie@isplanka.lk Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[12]=new Array(13,"contact_us_confirm.asp","9 Jan 2007","IBSL","","","Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide Policy Statements and Speeches Press Releases News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Contact Us Contact Us You are about to send these details to IBSL! Are you sure? Your Name Your Company Your Position Your Address Your Contact No. Your E-mail Nature of Msg. Subject Your Message Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[13]=new Array(14,"contact_us_email_format.htm","2 Jan 2007","Untitled Document","","","User comments sent from IBSL website Name: Suresh Rodrigo Company: Creative Solutions (Pvt.) Ltd Position: sdflkasd fasd asd Address: asd asdo asd asd asod asdasd askdasda Contact No: 132156+4541 Email: asdas @asdfnas.com Nature of Msg.: asdasdo asd asdasdasd Subject: asdas doasd asod asdnasd asd asd Message: alsdjasd as asd asd ",2);arrFiles[14]=new Array(15,"contact_us_success.htm","9 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Contact Us Contact Us Thanks for contacting us and we will go through your comments and will contact you through emails if necessary. IBSL General Contact Telephone: 2396184-9 Fax : 2396190 E-mail : ibosl@sri.lanka.net Mrs L.S.A. Seresinhe Director General Tel: 2396181 Email : lasinee@isplanka.lk Mr. D. W. S. Narangoda Director - Supervision Telephone: 2396184 Mrs. Damayanthi Fernando Assistant Director - Legal Tel: 2396184-9 Email : damayanthi@isplanka.lk Mrs. Chamari Ekanayake Assistant Director - Supervision Tel : 2396184-9 E-mail : chamarie@isplanka.lk Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[15]=new Array(16,"download_forms.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Download Forms Download Forms 1. Application for Registration as an Insurer 2. Application for Registration as an Insurance Broker 3. Application for Renewal of Registration as an Insurance Broker Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[16]=new Array(17,"faq.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search FAQ FAQ Q1: Which are the registered insurance companies in Sri Lanka selling life insurance? A1: Amana Takaful Ltd Asian Alliance Insurance Co Ltd Ceylinco Insurance Co Ltd Cooperative Insurance Co Ltd Eagle Insurance Co Ltd HNB Assurance Ltd Janashakthi Insurance Co Ltd Life Insurance Corporation Lanka Ltd National Insurance Corporation Ltd ABC Insurance Co Ltd Sanasa ALMAO Insurance Co Ltd Sri Lanka Insurance Corporation Ltd Union Assurance Ltd Q2: Who are Intermediaries? A2: Intermediaries are either agents or brokers. A person cannot be both an agent and a broker. Premium remains the same even if the business is placed through an intermediary Q3: Who is an Agent? A3: An agent could represent only the one insurance company and sells the products of that company. He cannot represent more than one company. He is not an employee of the company and receives his remuneration from the insurance company he represents by way of commission. Q4: Who is a Broker? A4: An insurance broker represents his clients with any insurance company, although he receives the commission from the insurance company with whom he places the business. Between agent and broker, the latter is independent and holds out as an expert on the subject. Q5: How do I know if the Broker and/or Agent is authorized to sell life insurance policies? A5: A life insurance agent is appointed by an insurance company. Identity card issued by the insurer to the agent is proof of the fact that he is authorized to sell life insurance. One could always check with the insurance company he purports to represent. A broker is an institution appointed by the Insurance Board of Sri Lanka to carry on Life and/or General Insurance business Q6: How does a life insurance company evaluate my risks? A6: The insurance company assesses your risk by analyzing your family history and other information such as sex, age, habits, your/family medical history, health condition, occupation, financial status etc provided by you in the proposal form and other statements and from the medical reports obtained when applicable. Q7: Should I pay my premiums through the Agent? A7: Always it is advisable to obtain the receipt from the insurance company. Insurance agents are not allowed to issue receipts on behalf of the insurance company. In the event the premium is not paid by you on the due date, your policy will lapse, depending on the premium payment condition of the policy. Q8: Do I enjoy a grace period to pay the premiums? A8: Some policies grant a grace period to pay the premiums after the policy has been in force for a certain period of time without affecting the cover. However, when reinstating the policy, the overdue premiums will have to be paid with interest. Q9: How can I cancel my existing policy and replace it with another? A9: Generally cancelling and obtaining a new policy is uneconomical since you will not be entitled to any refund unless your existing policy has acquired surrender value, which would be very much lower than the premium that you have already paid. Further, on the new policy you may have to pay higher rate of premium since premium rate depends on the age. Q10: What do I do when the insurance policy has matured? A10: When the type of insurance has a maturity date, usually, the insurance company will communicate with you in advance of the date. In addition to filling certain discharge forms, you are required to tender in the original policy and instruct the insurance company how you wish to obtain the proceeds of the policy Q11: How does one deal with a claim under the life policy? A11: It is always better to keep an immediate family member apprised of your insurance policy so that they could initiate policy proceeds after your demise. It is always beneficial to nominate a person to receive the benefits under the policy which otherwise would need court proceedings to determine the disbursements. In all other cases, such as disability benefits due to sickness or accident, family income benefits, total permanent/partial disability, inform your insurance advisor (agent or broker) and the insurance company immediately to commence claim procedure Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",29);arrFiles[17]=new Array(18,"index.asp","19 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Welcome! visitor Home Client Feed back Public Consultations Insurance Companies Insurance Brokers Loss Adjusters Announcements IBSL Calendar 2007 Jan Feb Mar April May Jun July Aug Sep Oct Nov Dec 10-Dec-2006 Response to the two complaints by the IBSL. [ more. ] 12-Nov-2006 Two complaints which appeared in Sunday Times on 12th November 2006. [ more. ] 12-Nov-2006 What you should know about Insurance. [ more. ] About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map © Copyright 2007 INSURANCE BOARD OF SRI LANKA. Site by Four Corners Lanka (Pvt.) Ltd ",23);arrFiles[18]=new Array(19,"index.htm","9 Jan 2007","IBSL","","","",1);arrFiles[19]=new Array(20,"index_backup.asp","4 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Announcements Calendar of Events Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Lost Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Forgot password? Welcome! visitor Home Client Feed back Complaints Public Consultations 10-Dec-2006 Response to the two complaints by the IBSL. [ more. ] 12-Nov-2006 Two complaints which appeared in Sunday Times on 12th November 2006. [ more. ] 12-Nov-2006 What you should know about Insurance. [ more. ] Insurance Companies Insurance Brokers Lost Adjusters About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[20]=new Array(21,"index_UC.htm","9 Jan 2007","IBSL","","","",1);arrFiles[21]=new Array(22,"industry_performance.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Sector > Industry Performance Industry Performance Premium Income The total overall gross written premium from long term insurance business and general insurance business during the year amounted to Rs.37,224 million (2004:Rs.29,55 million) which shows a growth rate of 25.94% when compared with the previous year’s growth rate of 22.40%. General insurance business with a premium income of Rs.22,410 million (2004: Rs.17,037 million ) contributed 60.20% (2003: 57.65%) of the total gross written premium, while contribution from long term insurance was 39.80% (2004: 42.35%) with a premium income of Rs.14,814 million (2004:Rs. 12,518 million). The total gross written premium contributed 1.58% to the Gross Domestic Product (GDP) this year when compared with the previous year’s contribution of 1.52%. The insurance sector accounted for approximately 5.0% of the country’s total financial sector assets during the year 2005. Table 1 Premium Income (Value in million rupees) 1999 2000 2001 2002 2003 2004 2005 Long Term Insurance 5,453 6,252 7,494 8,682 10,613 12,518 14,814 General Insurance 7,762 8,615 9,366 11,599 13,534 17,037 22,410 Total Premium Income 13,215 14,867 16,860 20,281 24,147 29,555 37,224 Total premium as a % of GDP 1.21 1.18 1.20 1.28 1.37 1.52 1.58 Growth Rate 10.23 12.52 13.39 20.29 19.06 22.40 25.94 Long Term Insurance Business Premium Income Company wise Market Share Long term insurance business witnessed a higher growth rate of 21.6% with a gross written premium income of Rs.14,814 million when compared with previous year’s growth rate of 17.9% with a gross written premium income of Rs.12,517 million. Analysis of Data Appearing in Table 2 Ceylinco Insurance Company Ltd. with a premium income of 4,794 million (2004:Rs. 3,961 million) and a market share of 32.36% (2004:31.65%), Asian Alliance Insurance Company Ltd. with a premium income of Rs.577 million (2004:Rs.421 million) and market share of 3.90%(2004:3.37%), HNB Assurance Ltd. with a premium income of Rs.354 million (Rs.2004:Rs. 205 million) and a market share of 2.39% (2004: 1.64%) and Life Insurance Corporation (Lanka) Ltd. with premium income of Rs.204 million (2004:Rs.82 million) and with a market share of 1.38% (2004:0.66%) demonstrated an increase in their market shares compared with the previous year. Union Assurance Ltd. with a premium income of Rs. 1,456 million (2004: Rs.1,209 million) and market share of 9.83% (2004: 9.66%) and Janashakthi Insurance Company Ltd. with a premium income of Rs.691 million (2004: Rs. 532 million) and market share of 4.67% (2004:4.26%) reflected a marginal increase in their market shares compared with the previous year. Sri Lanka Insurance Corporation Limited with a premium income of Rs. 3,602 million (2004: Rs. 3,331 million) accounts for the market share of 24.32%, which reflects a decline when compared with the previous year’s market share of 26.62% Eagle Insurance Company Ltd. with a premium income of Rs.2,832 million (2004:Rs.2,500 million) and a market share of 19.12% (2004:19.97%) reflected a marginal decrease in its market share compared with the previous year. (Only companies with a market share of 1% and above are included in the analysis) Table 2 Long Term Insurance Business – Gross Written Premium Company wise Market Share - 2005 2000 2001 2002 2003 2004 2005 Company Premium % Premium % Premium % Premium % Premium % Premium % (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) SLICL 2,260,288 36.15 2,526,814 33.70 2,788,636 32.12 3,238,959 30.52 3,331,583 26.62 3,602,639 24.32 NICL 179,444 2.87 184,308 2.50 178,475 2.06 157,543 1.48 136,128 1.09 123,489 0.83 CICL 1,428,052 22.84 2,091,907 27.90 2,359,671 27.18 3,042,655 28.67 3,961,390 31.65 4,793,650 32.36 UAL 701,957 11.23 730,417 9.70 934,147 10.76 1,096,149 10.33 1,209,534 9.66 1,456,576 9.83 EICL 1,386,325 22.17 1,616,758 21.60 1,827,208 21.05 2,169,843 20.45 2,500,131 19.97 2,832,541 19.12 JICL 280,600 4.49 284,008 3.80 343,000 3.95 416,220 3.92 532,643 4.26 691,199 4.67 COICL 9,000 0.14 11,700 0.20 24,519 0.28 44,144 0.42 51,610 0.41 61,897 0.42 AAICL 6,942 0.11 45,902 0.60 163,280 1.88 274,470 2.59 421,280 3.37 577,693 3.90 HAIGICL - - 2,273 0.00 8,620 0.10 14,387 0.14 19,342 0.15 8,681 0.06 HNBAL - - - 0.00 35,297 0.41 104,436 0.98 205,883 1.64 354,181 2.39 ATL - - - - 19,439 0.22 39,990 0.38 60,658 0.48 86,272 0.58 LICLL - - - - - - 13,319 0.13 82,127 0.66 204,618 1.38 SSRS - - - - - - 480 0.00 5,245 0.04 18,737 0.13 PALL - - - - - - - - - - 2,055 0.01 Total 6,252,608 100.0 7,494,087 100.0 8,682,292 100.0 10,612,595 100.0 12,517,554 100.0 14,814,228 100.0 % Increase (Growth Rate) 14.6 19.8 15.9 22.2 17.9 21.6 Abbreviations SLICL Sri Lanka Insurance Corporation Ltd NICL National Insurance Corporation Ltd CICL Ceylinco Insurance Company Ltd. UAL Union Assurance Ltd. EICL Eagle Insurance Company Ltd JICL Janashakthi Insurance Company Ltd. COICL Co-operative Insurance Company Ltd. AAICL Asian Alliance Insurance Company Ltd. HAIGICL Hayleys AIG Insurance Company Ltd. HNBAL HNB Assurance Ltd. ATL Amana Takaful Ltd LICLL Life Insurance Corporation (Lanka) Ltd SSRS Seemasahitha Sanasa Rakshana Samagama PALL Prudential Assurance Lanka Ltd Chart 1 Long Term Insurance Business - Gross Written Premium Market Share Companywise - 2005 General Insurance Business Premium Income Company wise Market Share General insurance business with the gross written premium income of Rs.22,410 million (2004:Rs.17,037 million) reflected a significant growth rate of 31.6% when compared with the previous year’s growth rate of 25.9%. This may be attributable to the insurance consciousness created among the public as a result of the Tsunami in December 2004. Analysis of Data Appearing in Table 3 Ceylinco Insurance Company Ltd. with a premium income of Rs.8,003 million (2004:Rs.5,580 million) accounted for 35.85% (2004: 32.76%) of the market share in respect of general insurance business indicating an increase compared with the previous year. HNB Assurance Ltd. with premium income of Rs.469 million (2004:Rs.338 million) and a market share of 2.10% (2004:1.99%) reflected a marginal increase in its market share whereas Amana Takaful Ltd. with the premium income of Rs.383 million (2004:Rs. 183 million) and a market share of 1.71%(2004:1.08) reflected a 58% growth rate compared with the previous year. Union Assurance Ltd. with the premium income of Rs.1,720 million (2004: Rs.1,302 million) accounts for 7.68% (2004: 7.65%) of the market share maintaining the market share at the same level as the previous year. Sri Lanka Insurance Corporation Ltd. with the premium income of Rs.6,680 million (2004:Rs.5,303 million) accounts for 29.81% of the market share reflected a decline compared with the previous year’s market share of 31.13%. It is also noted that Eagle Insurance Company Ltd. with a premium income of Rs.1,210 million (2004:Rs.1,058 million) and a market share of 5.40% (2004:6.21%), Janashakthi Insurance Company Ltd. with the premium income of Rs.2,851 million (2004:Rs.2,443 million) and a market share of 12.73%(2004:14.34%), Aian Alliance Insurance Company Ltd. with the premium income of Rs.354 million (2004 :Rs.310 million ) and a market share of 1.58%(2004:1.82%) and Hayleys AIG Insurance Company Ltd. with the premium income of Rs.354 million (2004:Rs.310 million) and market share of 1.77%(2004:1.87%) reflected a marginal decline in their market shares. (Companies with a market share of 1% and above are included in the analysis) Table 3 General Insurance Business – Gross Written Premium Company wise Market Share - 2005 2000 2001 2002 2003 2004 2005 Company Premium % Premium % Premium % Premium % Premium % Premium % (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) (Rs. \'000) SLICL 3,835,602 44.52 3,961,163 42.291 4,922,866 42.441 4,866,149 35.95 5,303,104 31.13 6,680,703 29.81 NICLNICL 580,863 6.74 549,809 5.87 357,684 3.08 254,689 1.88 40,200 0.24 1,956 0.01 CICL 1,693,047 19.65 1,895,185 20.234 2,607,339 22.48 3,721,206 27.50 5,580,643 32.76 8,033,195 35.85 UAL 1,018,085 11.82 1,132,730 12.09 1,218,997 10.51 1,264,961 9.35 1,302,894 7.65 1,720,783 7.68 EICL 686,112 7.96 730,511 7.80 909,883 7.84 1,072,666 7.93 1,058,025 6.21 1,210,939 5.40 JICL 536,450 6.23 718,235 7.67 947,971 8.17 1,407,309 10.40 2,443,808 14.34 2,851,792 12.73 COICL 59,119 0.69 60,650 0.65 85,482 0.74 161,128 1.19 157,741 0.93 180,433 0.81 AAICL 165,443 1.92 244,738 2.61 285,607 2.46 271,097 2.00 310,400 1.82 354,167 1.58 HAIGICL 39,821 0.46 61,602 0.66 109,554 0.94 186,571 1.38 318,254 1.87 396,681 1.77 HNBAL - - 11,785 0.13 122,233 1.05 243,390 1.80 338,708 1.99 469,929 2.10 ATL - - - - 31,783 0.27 84,842 0.63 183,581 1.08 383,425 1.71 SSRS - - - - - - - - - - 39,985 0.18 AICLL - - - - - - - - - - 75,399 0.34 PALL - - - - - - - - - - 10,769 0.05 Total 8,614,542 100.0 9,366,408 100.0 11,599,399 100.0 13,534,008 100.0 17,037,358 100.0 22,410,156 100.0 % Increase (Growth Rate) 11.0 8.7 23.8 16.7 25.9 31.5 Abbreviations SLICL Sri Lanka Insurance Corporation Ltd NICL National Insurance Corporation Ltd CICL Ceylinco Insurance Company Ltd. UAL Union Assurance Ltd. EICL Eagle Insurance Company Ltd JICL Janashakthi Insurance Company Ltd. COICL Co-operative Insurance Company Ltd. AAICL Asian Alliance Insurance Company Ltd. HAIGICL Hayleys AIG Insurance Company Ltd. HNBAL HNB Assurance Ltd. ATL Amana Takaful Ltd SSRS Seemasahitha Sanasa Rakshana Samagama PALL Prudential Assurance Lanka Ltd Chart 2 General Insurance Business - Gross Written Premium Market Share Companywise – 2005 Distribution of Gross Written Premium Motor insurance continued to be the major contributor to the general insurance gross written premium income. During the year motor insurance business with a gross written premium of Rs.11,102 million(2004:Rs.8,367 million) accounted for 49.54%(2004: 49.11%) and also reflected a growth rate of 32.7%. Fire insurance business being the second largest premium earner with the premium income of Rs.4,410 million (2004: Rs.2,987 million) accounted for 18.5% (2004:17.48%) of the total premium income and reflected a growth rate of 38.6%. Miscellaneous Insurance and Marine insurance with premium income of Rs.5,808 million (2004:Rs.4,518 million) and Rs.1,358 million (2004:Rs.1,172 million) accounted for 25.92% (2004:26.52%) and 6.06% (2004:6.86%) respectively and both classes reflected a marginal decline. (Table 4 and Chart 3) Table 4 Distribution of Gross Written Premium General Insurance Business YEAR Fire Marine Motor Misc. Total Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 1998 1,846,904 679,534 2,739,819 1,844,415 7,110,672 1999 1,912,212 706,656 3,160,937 1,982,044 7,761,849 2000 2,010,136 842,178 3,528,391 2,194,092 8,574,797 2001 2,339,829 809,547 3,774,471 2,442,561 9,366,408 2002 2,475,897 942,868 4,498,495 3,682,139 11,599,399 2003 2,724,800 956,900 6,224,332 3,627,976 13,534,008 2004 2,978,979 1,172,810 8,367,447 4,518,122 17,037,358 2005 4,140,458 1,358,033 11,102,737 5,808,928 22,410,156 % Change 1988 15.56 -6.24 17.45 -4.82 7.84 1999 3.54 3.99 15.37 7.46 9.16 2000 5.12 19.18 11.62 10.70 10.47 2001 16.40 -3.87 6.97 11.32 9.23 2002 5.82 16.47 19.18 50.75 23.84 2003 10.05 1.49 38.36 -1.47 16.68 2004 9.33 22.56 34.43 24.54 25.89 2005 38.99 15.79 32.69 28.57 31.54 % Share 1998 25.97 9.56 38.53 25.94 100.00 1999 24.64 9.10 40.72 25.54 100.00 2000 23.44 9.82 41.15 25.59 100.00 2001 24.98 8.64 40.3 26.08 100.00 2002 21.35 8.13 38.78 31.74 100.00 2003 20.13 7.07 45.99 26.81 100.00 2004 17.48 6.88 49.11 26.52 100.00 2005 18.48 6.06 49.54 25.92 100.00 Chart 3 General Insurance Business - Gross Written Premium Market Share Companywise – 2005 Reinsurance and Retention of Gross Written Premium During the year insurance companies had retained Rs.16,468 million (2004:Rs. 12,323 million) out of the total gross written premium of Rs.22,410 million (2004:Rs.17,037 million), thereby 73.48% of the premium was retained compared with the previous year’s retention of 72.33% indicating gradual increase in retention levels. Motor insurance accounted for the highest retention with 95.14% (2004:95.92%) followed by miscellaneous insurance with 74.44% (2003: 71.64%) and marine insurance with 51.67% (2004:43.19%), whereas fire insurance had the lowest retention of 21.24% (2004: 18.57 %). (Table 5) Table 5 Gross Written Premium (Rs. ‘000) 1998 1999 2000 2001 2002 2003 2004 2005 Fire 1,846,904 1,912,212 2,034,780 2,339,829 2,475,897 2,724,800 2,978,979 4,140,458 Marine 679,534 706,656 848,250 809,547 942,868 956,900 1,172,810 1,358,033 Motor 2,739,819 3,160,937 3,533,619 3,774,471 4,498,495 6,224,332 8,367,447 11,102,737 Miscellaneous 1,844,415 1,982,044 2,197,969 2,442,561 3,682,139 3,627,976 4,518,122 5,808,928 Total Gross Written Premium 7,110,672 7,761,849 8,614,618 9,366,408 11,599,399 13,534,008 17,037,358 22,410,156 Reinsurance Premium (Rs. ‘000) 1998 1999 2000 2001 2002 2003 2004 2005 Fire 1,393,506 1,408,244 1,524,421 1,686,421 2,076,360 2,246,092 2,425,875 3,260,854 Marine 330,306 359,656 485,003 445,694 580,348 554,160 666,292 656,340 Motor 681,997 758,972 219,663 198,587 350,853 272,217 341,072 539,951 Miscellaneous 544,585 472,375 642,429 808,975 1,182,228 1,756,857 1,281,222 1,484,923 Total Reinsurance Premium 2,950,394 2,999,247 2,871,516 3,139,677 4,189,789 4,829,326 4,714,461 5,942,068 Net Written Premium (Retention) (Rs. ‘000) 1998 1999 2000 2001 2002 2003 2004 2005 Fire 453,398 503,968 490,210 653,408 399,537 478,708 553,104 879,604 Marine 349,228 346,999 336,881 363,853 362,520 402,740 506,518 701,693 Motor 2,057,822 2,401,965 3,311,912 3,575,884 4,147,642 5,952,115 8,026,375 10,562,786 Miscellaneous 1,299,829 1,509,669 1,553,503 1,633,586 2,499,911 1,871,119 3,236,900 4,324,005 TotalNet Written Premium 4,160,277 4,762,601 5,692,506 6,226,731 7,409,610 8,704,682 12,322,897 16,468,088 Retention as a percentage of the Gross Written Premium (Rs. ‘000) 1998 1999 2000 2001 2002 2003 2004 2005 Fire 24.55 26.36 24.09 27.93 16.14 17.57 18.57 21.24 Marine 51.39 49.10 39.71 44.95 38.45 42.09 43.19 51.67 Motor 75.11 75.99 93.73 94.74 92.20 95.63 95.92 95.14 Miscellaneous 70.47 76.17 70.68 66.88 67.89 51.57 71.64 74.44 Overall Retention 58.51 61.36 66.08 66.48 63.88 64.32 72.33 73.48 Performance of Insurance Brokers Fifty-five Insurance brokers operated during the year. These insurance brokers continued to concentrate in general insurance business as in the previous years. Insurance brokers accounted for 23.24% (2004:24.16%) amounting to Rs. 5,208 million (2004:Rs.4,117 million) out of the total gross written premium of Rs.22,410 million (2004:Rs.17,037 million) in respect of general insurance business reflecting a marginal drop in the insurance brokers contribution. Further the contribution from the insurance brokers in respect of long term insurance business continued to be low. They accounted for 0.69% (2004:0.70%) amounting to Rs.103 million (2004:Rs.88 million) out of the total gross written premium of Rs. 14,814 million (2004:Rs.12,517 million) in respect of life insurance business. The total gross premium income earned through brokers during the year was Rs. 5,311 million out of which 85% (2004:Rs. 4,518 million) was through twelve insurance brokers (Table 6). Table 6 Premium Income of Insurance Brokers - 2005 Insurance Brokers T O T A L Life ( Rs. ) General ( Rs. ) Life& General ( Rs. ) Alfino Insurance Brokers (PVT) Ltd. 655,654 117,834,207 118,489,861 CF Insurance Brokers (PVT) Ltd. 1,899,981 787,421,414 789,321,395 Commercial Insurance Brokers (PVT) Ltd. 44,813,518 625,886,113 670,699,631 Delmege Insurance Brokers (PVT) Ltd. 3,464,103 502,997,480 506,461,583 Essajee Carmanjee and Company 1,554,213 124,433,076 125,987,289 Finlay Insurance ( Brokers ) Ltd. 653,718 300,310,194 300,963,912 Industrial & Commercial Insurance Brokers (PVT) Ltd. 6,884,781 644,983,237 651,868,018 Insurex Insurance Brokers (PVT) Ltd. 228,441 182,002,095 182,230,536 Lanka Orix Insurance Brokers Ltd. 4,955,487 425,962,303 430,917,790 MLL Insurance Brokers (PVT) Ltd. 26,390 129,166,941 129,193,331 Protection & Assurance Insurance Brokers (PVT) Ltd. 336,264 441,819,608 442,155,872 Senaratne Associates Ltd. 2,702,160 167,285,456 169,987,616 Total 68,174,710 4,450,102,124 4,518,276,834 Other Insurance Brokers (43) 35,046,461 757,843,883 792,890,344 Grand Total 103,221,171 5,207,946,007 5,311,167,178 (Details of insurance brokers whose premium income were greater that Rs.100 million based on the quarterly returns submitted) Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",183);arrFiles[22]=new Array(23,"insurance_companies.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Insurance Companies Insurance Companies Insurance Companies Registered Under the Regulation of Insurance Industry Act No. 43 of 2000 Name of the Insurer Class of Insurance Date of Registration 1 Sri Lanka Insurance Corporation Ltd Long Term Insurance General Insurance 3 rd February 1993 2 Union Assurance Ltd Long Term Insurance General Insurance 8 th January 1987 3 Ceylinco Insurance CoLtd Long Term Insurance General Insurance 11 th February 1987 4 Eagle Insurance Co Ltd Long Term Insurance General Insurance 16 th December 1987 29 th December 1987 5 Janashakthi Insurance Co Ltd Long Term Insurance General Insurance 12 th August 1994 11 th September 1995 6 Cooperative Insurance Co Ltd Long Term Insurance General Insurance 18 th September 1998 7 Asian Alliance Insurance Co Ltd Long Term Insurance General Insurance 8 th March 2000 17 th September 1999 8 Hayleys AIG Insurance Co Ltd Long Term Insurance General Insurance 13 th December 1999 9 HNB Assurance Ltd Long Term Insurance General Insurance 30 th August 2001 10 Amana Takaful Ltd Long Term Insurance General Insurance 1 st February 2002 11 Life Insurance Corporation (Lanka) Ltd Long Term Insurance 18 th December 2002 12 Seemasahitha Sanasa Rakshana Samagama Long Term Insurance General Insurance 8 th July 2003 6th January 2005 13 Allianz Insurance Company Lanka Ltd General Insurance 29 th September 2004 14 ABC Insurance Company Limited Long Term Insurance General Insurance 1 st April 2005 2 nd August 2005 15 Ceylinco Takaful Limited General Insurance 16th May 2006 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",28);arrFiles[23]=new Array(24,"LG_Insurance_Brokers.htm","17 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Insurance Brokers Licensing guide for insurance brokers REGISTRATION OF INSURANCE BROKERS (1). The provisions of the Regulation of Insurance Industry Act No. 43 of 2000 (RII Act), and Rules, Regulations & Determinations made under the RII Act, are applicable to the registration of a company as an Insurance Broker. (2). Companies which are incorporated as a Private Limited Company or a Public Limited Company could apply for registration as an Insurance Broker. (3). In term of section (79), of the RII Act, no person shall act as an Insurance Broker unless such person is a holder of a certificate of registration as a broker issued by Insurance Board of Sri Lanka (IBSL) and is a member of an Association of Insurance Brokers approved by the IBSL. (4). The application for registration as an insurance broker should be submitted using the application form issued by the IBSL. This form could also be down loaded from the IBSL web site – www.ibsl.gov.lk. (5). The following documents should be furnished along with the application for registration : (i) a. Certified Copy of the Memorandum & Articles of Association. b. Certified Copy of the Certificate of Incorporation issued by the Registrar of Companies. c. Form 48 certified by the Registrar of Companies. (ii) Paid up share capital of not less than Rs. 1,000,000/= to be certified by the Bank and the Auditor of the company. (iii) Particulars relating to the shareholders, directors, principal officer & senior managers of the company to be completed in the prescribed forms. (iv) A scheme of work or business plan for a period of 03 years to be submitted. The business plan should include projected volume of business & brokerage income for each class of business and income & expenditure statement in detail. (v) A payment of Rs. 50,000/= per class of Insurance Business & applicable government taxes to be paid to the IBSL as registration fees. (vi) Declarations should be provided by the person nominated as the Principal Officer and all Directors of the applicant company declaring that they were not associated with a company as a Director or Principal Officer, whose registration as an Insurance Broker was suspended or cancelled or refused by the IBSL or whose renewal of registration was refused by the IBSL. These declarations should be in writing and submitted by the Principal Officer & each Director of the company separately. (vii) Copy of the membership certificate obtained from the Sri Lanka Insurance Brokers Association certified as true copy by the company secretary to be submitted. (viii) Copies of Professional Indemnity Policies of Insurance obtained from two or more insurers for a total value of Rs. 1.5 million for the period of registration, with excesses or deductibles shall not exceed 2.5% of the minimum limit of indemnity, certified as true copy by the company secretary. (6). In term of section (94) of the RII Act, every broker shall appoint a Principal Officer to carry out its duties on permanent basis. The Principal Officer shall be responsible for the general control, direction & supervision of all business activities of the company. The person to be appointed as the principal officer by a broker, shall ; (i) posses the qualification of an Associate or Fellow of the Chartered Insurance Institute, or an equivalent qualification acceptable to the board, and have not less than 05 years post qualification experience in insurance related activity at an executive level and carrying on insurance sales related activity or consultancy work, for a period not less than 02 years prior to being appointed as principal officer; (ii) have not less than 15 years of experience in insurance related activity of which not less than 10 years is at an executive level & not less than 5 years at managerial level and carrying on insurance sales related activity or consultancy work for a period not less than 02 years prior to being appointed as principal officer; or (iii) have not less than 10 years of experience in insurance related activity at managerial level and carrying on insurance sales related activity or consultancy work not less than 02 years prior to being appointed as principal officer. (7). No company shall be entitled to be registered as an insurance broker where – (a) such company is a shareholder of any insurer; or (ii) a director of such company or a director or CEO of an associate or subsidiary company of such company, is a director or shareholder or employee of any insurer. (8). Upon the registration of an insurance broker under these provisions a certificate of registration shall be issued by the IBSL to the applicant and which shall be valid for a period of one year. RENEWAL OF REGISTRATION OF INSURANCE BROKERS In terms of section (83) of the RII Act, the certificate of registration issued to a broker may be renewed annually by duly completing the application form issued by the IBSL and such application shall be accompanied by : (1) Copies of professional indemnity insurance policies obtained from two or more insurers for the period of renewal with deductibles or excesses shall not exceeding 2.5% of the minimum limit of indemnity, certified as true copy by the company secretary. The policies should be for a limit of indemnity of Rs. 1,500,000,/= or a sum equal to three times the brokerage of the business for the last accounting period, subject to a maximum limit of liability of Rs. 5 million (2) A payment of Rs. 25,000/= per class of insurance business & applicable government taxes to be made as renewal of registration fees. (3) A Copy of the membership certificate obtained from the Sri Lanka Insurance Brokers Association for the period of renewal certified as a true copy by the Secretary. (4) Declarations should be provided by all new directors of the applicant company who are appointed after the registration or last renewal as the case may be declaring that they were not associated with a company, as a director or the principal officer whose registration as an insurance broker was suspended; or cancelled; or refused by the IBSL or whose renewal of registration was refused by the IBSL. These declarations should be in writing by each director separately. (5) Audited accounts for the immediately preceding financial year. (6) Interim financial statements (Balance sheet, Income statement, Cash flow Statement) prepared in conformity with the Sri Lanka Accounting Standard 35 signed by one director and principal officer for the period commencing from the end of the preceding financial year to two calendar months prior to the date from which the renewal application is submitted to the IBSL. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",31);arrFiles[24]=new Array(25,"LG_insurance_companies.htm","17 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Insurance Companies Licensing guide for insurance companies REGISTRATION OF INSURANCE COMPANIES 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. No person shall be registered to carry on, either one or both classes of insurance business in Sri Lanka, unless such person – is a public company incorporated in Sri Lanka under the companies act; has a paid up share capital of not less than Rs. 100 Million per class; pays as deposit to the treasury of Rs. 200,000/= in respect of general insurance business; Rs. 50,000/- in respect of long term insurance business; pay the application fee of Rs. 250,000/= per class; (Section 13.(1) ) Every application for registration shall be made to the Board (IBSL) in such form and be accompanied by – 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; the fee prescribed in respect of the class of insurance business; 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; a statement setting out prescribed particulars relating to, share holders, directors, specified officer, actuary & principal officer; a statement setting out the details of fulfillment of above requirements; a scheme of work and business plan for a period of 03 years. 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. Every insurer carrying on long term insurance business and general insurance business shall employ or retain on a permanent basis an Actuary or Actuaries. 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. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",21);arrFiles[25]=new Array(26,"loss_adjusters.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Lost Adjusters Loss Adjusters Legislature to register Loss Adjusters will shortly come in force. Rules pertaining to subject is currently being prepared by the IBSL. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[26]=new Array(27,"mail.asp","28 Dec 2006","mail.asp","","","Name: Email: Message: ",1);arrFiles[27]=new Array(28,"news_room.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search News Room > News Archives News Archives Press Release - Lt. Gen. Denis Perera (Chairman) Proposal on The Revision of Employer \'s Liability/Workmen \'s Compensation Insurance Tariff Revision of Motor Insurance Premium Rates WTO Negotiations on Services and Submission of Sri Lanka \'s Request Relaxation of restriction placed on foreign investment in Sri Lanka Revision of the Tariff on Fire Insurance South Asian Insurance Regulators \' Forum - Constitution Sri Lanka Selected to Lead South Asian Regulators \' Forum Insurance Agents Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[28]=new Array(29,"other_links.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Other Links Other Links International Association of Insurance Supervisors http://www.iaisweb.org/ The International Association of Insurance Supervisors (IAIS) is an organisation comprising of national insurance regulators and supervisors from over 100 jurisdictions. IAIS was established in June 1994. The IAIS contributes to global financial stability through developing cooperation among members, setting international standards on insurance regulation, assisting members in complying with IAIS standards at national and international levels, coordinating work with other national and international financial institutions The Institute of Chartered Accountants of Sri Lanka http://www.icasrilanka.com/ The Institute of Chartered Accountants of Sri Lanka is the National Professional Accounting body of Sri Lanka. The Council of the Institute who are responsible for strategic direction, administration and management of the Institute govern the Institute activities. The Institute has over 2000 members and over 16000 registered students. The Members of the Institute are regulated by a code of professional conduct and ethics prescribed by the council. The Institute is a member of the International Federation of Accountants (IFAC), The Confederation of Asian and Pacific Accountants (CAPA) and a Founder member of the South Asian Federation of the Accountants (SAFA). The Institute is the sole Accounting and Auditing Standards setting authority in Sri Lanka. Insurance Ombudsman \'s Office http://www.insuranceombudsman.lk The Securities and Exchange Commission of Sri Lanka (SEC) was established by the Securities Council Act No. 36 of 1987. The Commission was established for the purpose of regulating the securities market in Sri Lanka; to grant licenses to stock exchanges, stock brokers and stock dealers who engage in the business of trading in securities; to set up a Compensation Fund and for matters connected therewith or incidental thereto. This Act was amended by the Securities Council (Amendment) Act No 26 of 1991 and was again amended in 2003 by Act No 18 of 2003, which vested the Commission with the powers to register Market Intermediaries. Securities and Exchange Commission of Sri Lanka http://www.sec.gov.lk The Securities and Exchange Commission of Sri Lanka (SEC) was established by the Securities Council Act No. 36 of 1987. The Commission was established for the purpose of regulating the securities market in Sri Lanka; to grant licenses to stock exchanges, stock brokers and stock dealers who engage in the business of trading in securities; to set up a Compensation Fund and for matters connected therewith or incidental thereto. This Act was amended by the Securities Council (Amendment) Act No 26 of 1991 and was again amended in 2003 by Act No 18 of 2003, which vested the Commission with the powers to register Market Intermediaries. Central Bank of Sri Lanka www.centralbanklanka.org Established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), the Central Bank of Sri Lanka (CBSL) is the apex institution in the financial sector in Sri Lanka. It is a semi-autonomous body and following the amendments to the MLA in December 2002, is governed by a five member Monetary Board, comprising the Governor of the Central Bank as Chairman, the Secretary to the Ministry of Finance and Planning and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council. Sri Lanka Government Web Portal http://www.gov.lk Government of Sri Lanka official Web Portal contains Infomation to Sri Lankans, Information for Business and Information for Non Citizens. The information on products and services offered by public sector organizations and some other information important for Sri Lankan Citizen. You may explore emerging business opportunities and the supporting services for new and ongoing business activities. Also you will find important information related to incentives for businesses and the structure of taxes and tariffs through this section. Sri Lanka has been a well known destination for travelers. The natural beauty of this island, it \'s culture, heritage, and bio diversity were the main attractions to visitors. We are sure that you are one of them and so that following links might be useful in organizing your visit to Sri Lanka. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",24);arrFiles[29]=new Array(30,"overview_insurance_industry.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Sector > Overview of Insurance Industry Overview of Insurance Industry Legislation The insurance industry is regulated and supervised in terms of the provisions of the Regulation of Insurance Industry Act, No.43 of 2000 (hereinafter referred to as the RII Act). The Insurance Board of Sri Lanka (hereinafter referred to as the Board) was established under this Act. Licensing and Market Structure Insurance Companies No person can engage in insurance business in Sri Lanka unless such person is registered as an insurer under the RII Act. 15 insurance companies were in operation during the year, of which 13 insurers engaged in composite insurance, carrying on both long term insurance business and general insurance business while 1 company engaged in long term insurance business and the other company engaged in general insurance business. Prudential Assurance Lanka Ltd. (now known as ABC Insurance Company Ltd.) was registered during the year as an insurer to engage in long term insurance business and general insurance business. This company is wholly owned by Sri Lankans. During the year Hayleys AIG Insurance Company Ltd. informed the Board that the company had entered into an agreement with Sri Lanka Insurance Corporation Ltd. (SLICL) to transfer its life insurance portfolio along with the long term insurance fund. For this purpose in terms of section 102 of the Act the company was required to submit the Board’s observations to the District Court in order to obtain approval to transfer its life business. The Board in consultation with its Consultant Actuary made its observations on such transfer to be submitted to the District Court. Insurance Brokers No person shall act or hold itself out as an insurance broker unless such person is a holder of a certificate of registration as a broker granted by the Board. During the year, 3 new insurance brokers were registered under the RII Act. Registrations of 52 insurance brokers were renewed. Insurance Agents Insurers and insurance brokers register individuals as insurance agents. It is recognized all over the world that insurance policies cannot be sold without the involvement of agents who render not only good advice in selection of appropriate insurance products to the individual’s needs but also provide good service to policyholders in the matters relating to premium payments, claims and other services such as nomination and assignment of policies. The insurance agents in Sri Lanka procure approximately 80% of the life insurance business. The Board has stipulated minimum academic and other entry qualifications that an individual should posses to register as an insurance agent. This also includes passing of a pre-recruitment test conducted by the Sri Lanka Insurance Institute (SLII) in terms of Rules made by the Board under section 78(5) of the RII Act. The SLII conducts pre-recruitment tests for insurance agents in respect of long term insurance in Sinhala, Tamil and English languages. Overall pass rate is 35%, which is considered to be low, the Board in association with Sri Lanka Insurance Institute (SLII), Insurance Association of Sri Lanka (IASL) and Sri Lanka Insurance Brokers Association (SLIBA) examined issues that have led to the situation in order to initiate necessary corrective action. The main reason that was identified, inter alia, was the unfamiliar and complex nature of the technical words used in the textbook. As a result the SLII initiated redrafting the textbook on a priority basis in view of the importance of having persons with the required qualifications to engage in insurance business. Further, the Board contemplates streamlining the examination procedure by establishing an Examination Board consisting of representatives from the SLII, IASL, SLIBA and two others from the academia. Levy of CESS from Insurance Companies In terms of section 7(2) of the RII Act, order was made by the Hon. Minister of Finance to levy a cess at the rate of 0.2% of the annual net premium income of long term insurance business and 0.4% of the annual net premium income of general insurance business. This order was published in the Gazette Notification No.1244/5 on 9 July 2002 and the Board commenced collecting cess from the insurers with effect from January 2003 on a quarterly basis. Total amount of cess collected for the year 2005 was Rs. 72 million. Policy Holders Protection Fund The cess collected from the insurance companies is deposited into the Policy Holders Protection Fund established under section 103(1) of the RII Act. Section 103 (2) of the RII Act details the manner in which the policyholder’s protection fund could be utilized. For this purpose the Board has formulated rules, which were published in Gazette Notification No. 1412/30 on 29th September 2005. The amounts lying to the credit of the Policy Holders Protection Fund was invested in Treasury Bills. The accumulated amount in the Fund as at 31st December 2005 was Rs. 168 million. Insurance Tariff Presently only Employers Liability Insurance (Workmen’s Compensation Insurance) is tariff based The Insurance Association of Sri Lanka (IASL) made representations to the Board that the insurance companies are continuously making losses as the premium rates prescribed under the motor tariff does not commensurate with the claims. The Board after examining the issue abolished the tariff on motor insurance with effect from 1st January 2002. Thereafter, a substantial increase of premiums was witnessed in the market, making motor insurance business a profitable business line for the insurers. In addition some insurance companies were able to introduce products with value added services, which were favoured by the public. Subsequently, in the year 2003 the IASL made representations to the Board that the premium rates charged for fire insurance were lower than the rates stipulated for fire tariff. Further the IASL was also of the view that the tariff rates were too high and should be reduced. In order to examine this matter the Board appointed a committee to study the existing tariff and to revise the tariff. The committee, in its report recommended a downward revision to the rates that were in force. The Board approved the revised tariff for implementation. However, the SLIBA and some insurers made representations to the Minister of Finance requesting him to intervene in the matter and prevent the implementation of the revised tariff. In this regard the Secretary to the Treasury initiated a meeting to discuss the matter with the Chamber of Commerce and the Board. As a result of this meeting the Secretary to the Treasury instructed the Board to obtain services of an insurance expert from India to study the revised tariff and make observations. Thereafter, the tariff was further amended in keeping par with the fire tariff practiced in the Indian insurance market. The amended fire tariff was tabled at a meeting held with the Chamber of Commerce and the Board. According to comments and observations made by the Chamber of Commerce on the further amended fire tariff the Secretary to the Treasury directed the Board not to introduce any tariff revisions but instead to formulate prudential guidelines for all insurers to comply with, by 1st January 2005. As a result the Board abolished the tariff on fire insurance with effect from 1st January 2005. The Board has since made several improvements to its on-site and off-site supervision methodology and is in the process of strengthening its regulatory environment further. Strike, Riot, Civil Commotion and Terrorism Fund (SRCC&T Fund) The Government established the SRCC&T Fund in 1987 as the insurers found it difficult to obtain reinsurance cover against risks due to strike, riot, civil commotion and terrorism. All insurance companies are members of the SRCC&T Fund and the Board of the Fund consists of a member nominated by each insurance company and approved by the Secretary, Ministry of Finance. An officer from the Ministry of Finance is appointed by the Secretary, Ministry of Finance as the Chairman of the Board of the Fund. It is mandatory in terms of the Constitution of the Fund for all insurance companies to cede the entire premium that is collected in respect of risks covered by them against strike, riot, civil commotion and terrorism. The Secretary to the Treasury by his letter of 7th August 2001 vested the Board with powers to regulate SRCC&T Fund. Subsequently, the Ministry withdrew this responsibility with effect from 28th August 2003. Exemptions from the RII Act Provisions of the RII Act do not apply in respect of the Agriculture and Agrarian Insurance Board established under the Agriculture and Agrarian Insurance Act No. 20 of 1999, the Sri Lanka Export Credit Insurance Corporation established under the Sri Lanka Export Credit Insurance Corporation Act No.15 of 1978 and the Social Security Board established under the Social Security Board Act No.17 of 1996. The provisions of the RII Act do not apply to the enterprises which enter into agreements with the Board of Investments (BOI) under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1986 and are exempted by the Minister of Finance under the powers vested in him by the Insurance Corporation (Amendment) Act No. 43 of 1986 and published in the Government Gazette. Insurance Companies In terms of the provisions of the RII Act, a company should be incorporated as a public company under the Companies Act No.17 of 1982, in order to submit an application to the Board to register as an insurer under the RII Act. The Hon. Minister of Finance, under the powers vested in him under the RII Act made Regulations increasing the minimum paid up share capital to Rs.100 million in respect of each class of insurance business from the previous requirement of Rs.25 million for long term insurance business and Rs.50 million for general insurance business. This requirement is applicable to companies, which seek registration after 12th October 2005, being the date on which this Regulation came into effect. The first company that was subjected to the Rs.100 million paid up capital requirement was Ceylinco Takaful Limited which submitted the application for registration to engage in general insurance business during the year. However, 8 companies are already in compliance with this requirement. Five insurance companies i.e. Ceylinco Insurance Company Ltd. Eagle Insurance Company Ltd. Union Assurance Ltd. Asian Alliance Insurance Company Ltd. and HNB Assurance Ltd. are listed on the Colombo Stock Exchange. Foreign equity participation has been permitted up to 100% in insurance companies in terms of the Gazette Notification No1232/14 dated 19th April 2002 published by the Controller of Exchange. Allianz Insurance Company Lanka Ltd. is a wholly owned subsidiary of Allianz Group of Germany, while majority shareholdings of Hayleys AIG and Life Insurance Corporation (Lanka) Ltd are held by American International Group and Life insurance Corporation of India respectively. 15% of the shares of Amana Takaful are held by Takaful Malaysia. Insurance Broking Companies The paid up share capital required to register companies as insurance brokers has been increased to rupees one million from rupees two hundred thousand in terms of Rules made by the Board under section 80(1)(a) of the RII Act. This requirement is applicable to companies, which seek registration after 29th September 2005, being the date on which this Rule came into effect. Presently the law is being amended to give effect of this requirement in respect of companies, which were registered prior to this date. Insurance Association of Sri Lanka (IASL) The Insurance Association was established in 1989. Every insurance company registered under the RII Act is eligible for membership in the Association. Only 14 insurance companies are members of the Association out of the 15 registered insurance companies. The Executive Committee is responsible for the overall management of the Association. The Executive Committee is assisted by the Life Insurance Forum, the General Insurance Forum and the Finance and Actuarial Sub-Committees, which consider and make recommendations to the Executive Committee on subjects relating to their respective areas. The IASL maintains a close working relationship with the Board. Sri Lanka Insurance Brokers’ Association (SLIBA) The Sri Lanka Insurance Brokers’ Association is the only association of insurance brokers that has been approved by the Board and all insurance brokers are members of this Association. In terms of Section 79 of the RII Act, it is mandatory that all registered insurance brokers and all applicants who obtain registration to be members of this Association. The members of the Association are subject to a code of conduct formulated by the Association. The SLIBA maintains a close relationship with the Board. The Sri Lanka Insurance Institute (SLII) The Sri Lanka Insurance Institute was established in 1982. It is a non-profit making organization and its main objective is to develop the skills and knowledge of the persons engaged or employed in insurance business. Funding for the Institute is through contributions made by the insurance companies and the annual subscriptions from the members. The Institute is affiliated to the Chartered Insurance Institute, London and administers examinations of professional bodies such as the Chartered Insurance Institute, London; Insurance Institute of Australia; Insurance Institute of India and the Actuarial Society of India. The Institute also conducts lectures for those who are preparing for these examinations. Additionally, the Institute conducts short-term diploma courses in insurance for persons employed in the insurance industry. The Institute also conducts pre-recruitment tests for persons who are to be appointed as insurance agents by insurers and insurance brokers. Additionally, the Institute also has been appointed to certify the competency of individuals who propose to act as insurance agents. For this purpose the Institute has introduced systems and procedures to certify the level of competency of such persons. Once the competency of an individual is determined and where such individual qualifies to act as an insurance agent in terms of the rules made in that behalf, the Institute issues identification to such individual. The identification carries a brief description of the agent’s identity such as the name of the agent, National Identity Card or the Passport number, Sri Lanka Insurance Institute registration number and the company with which he/she is associated and the level of grading achieved at the examination. South Asian Insurance Regulators’ Forum (SAIRF) The South Asian Insurance Regulators’ Forum was established in the year 2001. India, Nepal, Bhutan, Pakistan, Maldives, Bangladesh and Sri Lanka are members of this Forum. During the year Mr. Madhav Prasad Upadhyay, Chairman, Beema Samiti (Insurance Board) of Nepal was the Chairman of SAIRF, while Mr.C.S.Rao, Chairman, Insurance Regulatory and Development Authority of India (IRDA), Mr. Sonam Wangchuk from the Royal Monetary Authority of Bhutan, Mr. Dasho Daw Tenzin from the Royal Monetary Authority of Maldives, Mr. Tarif Hassan from the Securities and Exchange Commission of Pakistan, Kabir Md. Ashraf Alam from the Department of Insurance of Bangladesh and Mrs. Lasinee Serasinhe from the Insurance Board of Sri Lanka were the Vice-Chairpersons. The objectives of the Forum are to promote co-operation among South Asian Insurance Regulators in order to facilitate regulatory activities; sharing of information and experiences; and harmonization of legislative approaches and financial reporting systems, to the extent feasible. The Annual Meeting of the Forum was held in Kathamndu, Nepal on 23rd April 2005. Mrs.Lasinee Seresinhe, Director General, Insurance Board of Sri Lanka attended this meeting. National Council for Road Safety The National Council for Road safety (NCRS) was established under the Motor Traffic Act. The mission of NCRS is “to create a safer road environment for road users by improving every aspect of safety in order to support sustainable growth and continual social and economic development in the country”. In terms of the Regulations made under section 213B of the Motor Traffic Act (Chapter 203) as amended by Act No.5 of 1988 every insurer providing motor insurance cover is required to contribute one per centum (1%) of the third party insurance premium to the Road Safety Fund. The Secretariat of NCRS comes under the purview of the Minister of Railways and Transport. All expenses for the activities of the Council are met from the Road Safety Fund. The Fund is also utilized by NCRS for the payment of compensation to the victims who are affected as a result of “hit and run” vehicles in terms of the Guidelines formulated by the Council under the Regulations. The Minister of Railways and Transport in terms of the above said Act appoints the Council Members. Mrs. Damayanthi Fernando, Assistant Director Legal was nominated as a Council Member for a three-year term with effect from 20th March 2006 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",40);arrFiles[30]=new Array(31,"policy_statements.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Policy Statements and Speeches Policy Statements and Speeches 26-Oct-2005 Speech made by Mrs L.S.A Seresinhe, Director General, Insurance Board of Sri Lanka , at The Insurance Congress 2005 in Colombo. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[31]=new Array(32,"publications.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Publications and Annual Reports Publications Publication available for sale Consolidation of Sri Lankan Insurance Laws - A compilation of all insurance related laws including Regulation of Insurance Industry Act (RII Act); Rules; Regulations; Determinations; Directives; Circulars; etc. applicable to the insurance industry (Rs. 4,750/-) Publications available free of charge Regulation of Insurance Industry Act, No. 43 of 2000 (Sinhala, English & Tamil) Insurance Industry (Sinhala & Tamil) - An overview of the insurance industry authored by Mr. Nimal Perera, General Manager, Re-Insurance and Risk Management, Union Assurance Limited. Brochure - Document outlining the constitution of the Board, Mission, Functions, and Activities etc. Annual Reports of the Insurance Board ( English ) IBSL Annual Report 2005 IBSL Annual Report 2004 IBSL Annual Report 2003 IBSL Annual Report 2002 IBSL Annual Report 2001 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[32]=new Array(33,"publications_old.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Publications and Annual Reports Publications Publication available for sale Legal and Regulatory Framework Relating to Insurance in South Asian Countries (English) A comparative study covering India, Nepal, Bhutan and Sri Lanka with an overview of specific legislation relating to the insurance sector (Rs.250/-) Consolidation of Sri Lankan Insurance Laws - A compilation of all insurance related laws including Regulation of Insurance Industry Act (RII Act); Rules; Regulations; Determinations; Directives; Circulars; etc. applicable to the insurance industry (Rs. 4,750/-) Publications available free of charge Regulation of Insurance Industry Act, No. 43 of 2000 (Sinhala, English & Tamil) Consultation on the Insurance Industry (English) – A Booklet published based on a consultation held in March 2001 Insurance Industry (Sinhala & Tamil) - An overview of the insurance industry authored by Mr. Nimal Perera, General Manager, Re-Insurance and Risk Management, Union Assurance Limited Brochure - Document outlining the constitution of the Board, Mission, Functions, and Activities etc. Annual Reports of the Insurance Board ( English ) IBSL Annual Report 2005 IBSL Annual Report 2004 IBSL Annual Report 2003 IBSL Annual Report 2002 IBSL Annual Report 2001 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[33]=new Array(34,"public_consultations.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Public Consultations Public Consultations 1. Guidelines on linked long term business - Draft for discussion 2. Proposed amendments to determination 1 made in terms of section 25-1 3. Amendments proposed to Solvency Margin Rules - General 4. Amendments proposed to Solvency Margin Rules - Long Term Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[34]=new Array(35,"quarterly_returns.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Compliance with Regulatory Reporting > Circular 18 Certification Quarterly Returns The following companies submitted the Quarterly Returns for the Quarter ended 30-06-2006, by the dead line of 15-08-2006. 1. Allianz Insurance Company Lanka Limited 19.07.2006 2. Life Insurance Corporation (Lanka) Limited 31.07.2006 3. HNB Assurance Limited 02.08.2006 4. Amana Takaful Limited 15.08.2006 5. Cooperative Insurance Company Limited 15.08.2006 6. Eagle Insurance Company Limited 15.08.2006 7. Sri Lanka Insurance Corporation Limited 15.08.2006 The following companies submitted same subsequent to the deadline indicated above. 1. ABC Insurance Company Limited 16.08.2006 2. Ceylinco Takaful Limited 16.08.2006 3. Union Assurance Limited 16.08.2006 4. Ceylinco Insurance Company Limited 16.08.2006 5. Janashakthi Insurance Company Limited 16.08.2006 6. National Insurance Corporation Limited 16.08.2006 7. Asian Alliance Insurance Company Limited 18.08.2006 8. Hayleys AIG Insurance Company Limited 05.09.2006 9. Seemasahitha Sanasa Rakshana Samagama 08.09.2006 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",26);arrFiles[35]=new Array(36,"recent_market_developments.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Developments > Recent Market Developments Recent Market Developments Dispute Resolution The Board under section 98 of the RII Act is empowered to settle disputes relating to settlement of claims on policies of long term insurance business by which the sum assured does not exceed such sum determined by the Board. The Board has determined such amount to be Rupees Five Million. The Board initiates investigations into complaints received by it and makes orders in that respect. The Board observes that issues regarding claims have arisen mainly due to unethical practices of insurance agents and ambiguous policy wordings. These matters have been brought to the attention of the respective companies. Insurance Ombudsman The Insurance Association appointed Dr Wickrama Weerasooria as the Insurance Ombudsman in January 2005. According to a MOU entered between the IASL and the Ombudsman, decision made by the Ombudsman is binding upon the insurer if the award in relation to a resolution of any complaint/dispute is up to Rs.500,000/-. Code of Best Practice for Insurance Companies The Insurance Association with the concurrence of insurance companies drafted a code of Best Practice. The document has been circulated amongst all insurance companies for voluntary adoption. The Board will be monitoring compliance with the code during its on-site supervision. This document is titled “Code of Ethics for Insurance Companies”. Code of Best Practice for Insurance Broking Companies In terms of Section 79 of the RII Act, it is mandatory that all registered insurance brokers and all applicants seeking registration are members of the Sri Lanka Insurance Brokers’ Association. The members of the Association are subjected to a “Code of Conduct” formulated by the Association. The Code was first introduced in 1988 and is required to be complied by all members of the Association. Provisions relating to “Fit and Proper Persons” The International Association of Insurance Supervisors (IAIS) in its Insurance Core Principle six (6) “Licensing” and the Insurance Core Principle seven (7) “Suitability of Persons” has addressed the importance of possessing “fit and proper” guidelines/ provisions in the insurance law and compliance of same. These Insurance Core Principles issued by the IAIS provide a globally accepted framework for the regulation and supervision of the insurance sector. Section 32 of the RII Act specify qualifications of the “Specified Officer” of an insurer and Section 94 requires the Board to determine the qualifications of the “Principal Officer” of an insurer and insurance broker at the time of appointment. However, “fit and proper” provisions are not stipulated in the RII Act. In view of the importance of having persons with competency and integrity to conduct insurance business, the Board drafted provisions relating to fit and proper persons to be included in the RII Act. Discussion with University Academics The Board together with the Securities and Exchange Commission of Sri Lanka (SEC) conducted discussions with the academics of universities in Sri Lanka. The discussions were based on methods to enhance knowledge within insurance and securities industries for the mutual benefit of university students & academics. During the discussion the importance of having long-term and short-term strategies to develop the Capital Market and Insurance Industry in the country was discussed. Library Facilities The Board has already created library facilities for all staff members. However, the Board is in the process of equipping and updating the library with additional publications. Pursuant to completion of purchasing substantial number of insurance related publications, the Board would consider extending library facilities to the industry. Publications Booklet on the Insurance Industry (Sinhala) authored by Mr. Nimal Perera, General Manager, Reinsurance and Risk Management, Union Assurance Limited was translated to Tamil language. The booklet is published and available at the Board for general public. A brochure outlining the constitution of the Board, Mission, Functions, and Activities etc. is also available at the Board’s library for public use. Additionally, a second and a third brochure is in the pipeline to be published during the year 2007. The second brochure is on the basics of Life Insurance and the third is on Motor Insurance. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",23);arrFiles[36]=new Array(37,"recent_supervisory_developments.htm","18 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Developments > Recent Supervisory Developments Recent Supervisory Developments Insurance Companies Paid up Share Capital of Insurance Companies. Paid up share capital of insurance companies was increased to rupees one hundred million for each class of insurance business from the present requirement of rupees twenty five million for life insurance and rupees fifty million for general insurance by Regulations made by the Hon. Minister of Finance under the powers vested on him under the RII Act. This requirement will apply to new companies. In order to apply this requirement to the existing companies necessary amendments are being effected to the RII Act. Introduction of Statement of Recommended Practice (SORP) - Insurance Contracts for Insurance Companies The IBSL liaised with the Institute of Chartered Accountants of Sri Lanka (ICASL) in developing the SORP which all insurance companies are required to adopt for the preparation of Audited Financial Statements with effect from the year 2007. This standard will ensure a uniform financial statement reporting system, which will facilitate extracting more information for regulatory purposes. New Quarterly Returns To be consistent with the migration to a Risk Based Supervision Methodology and the development of an “Early Warning System”, the Board undertook a major overhaul of the quarterly, annual and actuarial reporting requirements of insurance companies to ensure that relevant, appropriate and complete information was filed on a timely basis to monitor solvency margins, financial condition and compliance with the Board’s requirements. New regulatory reporting requirements will come into effect from Q4 2006. Review of Quarterly Returns The RII Act requires all Insurance Companies to submit their Quarterly Returns within forty-five days following the end of each quarter. The Supervision Division reviewed the Quarterly Returns submitted by Insurance Companies for the first two quarters of 2006. The details in the Quarterly Returns pertaining to premium income, reinsurance, and other expenses and investments were analyzed in order to obtain a general overview of the performance of the insurance industry and ascertain class wise and company wise performance within the industry based on premium income. Investment of long term insurance fund of long term insurance business and the technical reserves of general insurance business are reviewed to ensure that invest in government securities and other investment instruments are made in terms of the provisions of the RII Act and Determinations made under the Act. New Annual Statutory Returns New Annual Statutory and Actuarial Return Formats were developed which will replace the existing formats. All insurance companies are required to submit Annual Statutory and Actuarial Returns in the new formats with effect from 2007 i.e. for Q4 2006. Review of Annual Statutory Returns, Audited Accounts and Actuarial Reports The Audited Accounts, Annual Statutory Returns and Actuarial Reports are required to be submitted to the Board within six months following the end of the financial year. The IBSL also reviewed the Audited Accounts, Annual Statutory Returns and Actuarial Reports of Insurance Companies for the year ended 31st December 2005. The Solvency Margins of the Insurance Companies were also verified as at 31st December 2005. Where discrepancies were observed in the above documents, the companies concerned were required to take corrective action within given timelines. Areas of concern identified from the review of Annual Statutory Returns, Audited Accounts and Actuarial Reports, which required further examination were addressed at meetings with companies and/or during onsite inspections and the necessary guidance for corrective action was provided to the insurance companies. Compliance Certification – Circular 18 With effect from 1st January 2005 Insurance companies were requested to file a compliance certifications on a half-yearly basis to the effect that the insurance companies are in compliance with various requirements in terms of the RII Act. This certification is required to be submitted to the Board within 6 weeks of the end of every half-year. The IBSL examines the compliance certifications and requests further details where necessary in order to verify the accuracy of these certifications. During on-site inspections of insurance companies, the supervision staff examines relevant documents in order to determine whether the certification provided to the IBSL was based on complete and accurate information. Risk Assessment Summary (RAS) Risk Assessment Surveys were sent to all insurance companies in order to obtain the information necessary to develop a Risk Assessment Summary (RAS) for each insurance company. The IBSL uses the RAS as the primary document to assess the risk profile, risk management and financial position of an insurance company. The RAS is used as the basis for planning the nature, scope and extent of the on-site inspection work prior to commencement of inspection of insurance companies. The RAS is updated to reflect the on-site inspection findings and the results of off-site supervision. Evaluation of Financial Standing of New Applicants for Insurance Business During the year 2006, registration was granted to Ceylinco Takaful Ltd. The Business Plan and Financial Statements of the company, and other relevant documents were reviewed in detail prior to issuance of registration in order to ascertain the financial viability of the projected insurance business. Risk Based Supervision The IBSL carried out on-site inspections of four Insurance Companies using the new Risk Based Supervision Methodology introduced by the independent consultant (Insurance Supervision Advisor) enlisted through the IMF. The purpose of the inspections was to assess the financial condition and operations of the insurance companies, their ability to meet obligations as they fall due, and to assess compliance with the RII Act and Board requirements. The inspections focused on assessing and rating the risk profiles of the insurance companies, with regard to Capital (C), Assets (A), Reinsurance (R), Actuarial Liabilities (A), Management (M), Earnings (E), Liquidity (L) and Subsidiaries (S). The Board refers to this methodology as the ‘CARAMELS’ Rating Framework. The Risk Based Supervision Methodology includes detailed reviews of documents such as organization charts; strategic/corporate plans; mandate and minutes of Boards of the respective companies and Committee meetings; internal and external audit reports; policies relating to capital, dividends, investments, reinsurance and liquidity; procedure manuals for product development, underwriting, marketing, reinsurance and claims etc. In addition, interviews are held with all relevant senior officials of the companies, audit committee/board members, as well as the actuaries and internal and external auditors. Prior to finalization of comprehensive on-site inspection reports, the draft inspection reports are discussed in detail with the company officials in order to obtain their views pertaining to the observations and recommendations made by the IBSL. This follows the issuance of a final inspection report setting out the Board’s observations and recommendations and requesting the company’s response, together with an Action Plan for corrective action, within a prescribed timeframe. The Board reviewed the completeness and adequacy of responses from the companies and further information is requested where necessary. Reinsurance Arrangement of Insurance Companies As per the guidelines issued by the IBSL, all insurance companies submit the Statement of Reinsurance Arrangements and copies of certified Cover Notes.. Statement of Reinsurance Arrangements and Cover Notes are reviewed to ensure that reinsurers who provide reinsurance cover possess the minimum rating from a recognized international rating agency prescribed by the IBSL or if the reinsurer is a government owned or government guaranteed reinsurance company or a recognized pool. In which event whether approval of IBSL has been obtained as required. Broking Companies Review of Quarterly returns of Insurance Brokers One of the main activities of off-site supervision process is to review the quarterly returns, which are submitted by all Insurance Brokers as specified by the Board. If discrepancies are observed the brokers are informed of these and explanations are called for regarding such discrepancies. Companies may even be requested to re-submit the returns to ensure accuracy of the information submitted therein. The information in the quarterly returns is further verified during on-site inspections. The Board identified the need to improve the standard of quarterly reporting formats and introduced a new set of reporting formats with the consultation of the industry. These new quarterly reporting formats were published in Government Gazette No. 1412/30 – 29th September 2005. The insurance brokers were required to submit the quarterly returns in the new formats commencing from the 4th quarter 2005. Evaluation of Financial Statements of Insurance Brokers The Audited Financial Statements and Interim Financial Statements of Insurance brokers are reviewed in order to evaluate the financial performance and condition of insurance broking companies. Such reviews and analysis are considered in the annual renewal of registration of brokers. Review of activities of Insurance Broking Companies During the year the Board carried out on-site inspections of four Insurance Broking Companies in order to ensure that these entities carry out their business in a professional and prudent manner in compliance with the RII Act. During the inspections where weaknesses are observed, the companies are requested to take remedial action, based on the inspection findings and recommendations given by the Board. Compliance with such instructions is followed up by the IBSL. Interim Financial Statements of Insurance Broking Companies Interim Financial Statements Formats such as Income Statement, Balance Sheet, Cash Flow Statement and Statement of Changes in Equity were developed by the Supervision Division and discussed with Sri Lanka Insurance Brokers Association. After suitably amending the Formats in consultation with SLIBA, the Formats were circulated to insurance brokers. The insurance brokers are required to submit un-audited Interim Financial Statements on a quarterly basis with effect from January 2007, i.e. from Q4 2006. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",29);arrFiles[37]=new Array(38,"search_results.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Search Results Search Results Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[38]=new Array(39,"sendmail.asp","9 Jan 2007","sendmail.asp","","","Mail_Text = Mail_Text + +txtTitle+ Mail_Text = Mail_Text + Name: Mail_Text = Mail_Text + +usrTitle+ +txtName+ Mail_Text = Mail_Text + Company: Mail_Text = Mail_Text + +txtCompany+ Mail_Text = Mail_Text + Position: Mail_Text = Mail_Text + +txtPosition+ Mail_Text = Mail_Text + Address: Mail_Text = Mail_Text + +txtAddress+ Mail_Text = Mail_Text + Contact No: Mail_Text = Mail_Text + +txtTel+ Mail_Text = Mail_Text + Email: Mail_Text = Mail_Text + +txtEmail+ Mail_Text = Mail_Text + Nature of Msg.: Mail_Text = Mail_Text + +txtType+ Mail_Text = Mail_Text + Subject: Mail_Text = Mail_Text + +txtSubject+ Mail_Text = Mail_Text + Message: Mail_Text = Mail_Text + +txtMsg+ myMail.HTMLBody = Mail_Text myMail.Priority = 3 myMail.AddHeader Originating-IP, Request.ServerVariables(REMOTE_ADDR) myMail.Execute response.redirect(txtReDir) % ",3);arrFiles[39]=new Array(40,"site_map.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Site Map Site Map Home Client Feed back Public Consultations Insurance Companies Insurance Brokers Loss Adjusters Announcements Calendar of Events About IBSL Contact us Careers FAQ Other Links Download Forms Site Map Insurance Sector Overview of Insurance Industry Industry Performance Developments Recent Supervisory Developments Recent Market Developments Licensing Guide Insurance Companies Insurance Brokers Lost Adjusters Insurance Legislations Notices & Guidelines Compliance with Regulatory Reporting News Room Policy Statements and Speeches Press Releases News Archives Data Room Publications / Annual Reports Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",22);arrFiles[40]=new Array(41,"speeh1.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search News Room > Policy Statements and Speeches Speech about Future Direction of the Sri Lankan Insurance Market - Aftermath of 26/12 The theme of the conference “Future Direction of the Sri Lankan Insurance Market Aftermath of 26/12”, is both topical and timely, in the context of the increasing frequency of natural catastrophes across the globe affecting countries with greater harshness. Tsunamis, Hurricanes, Earth Quakes, Natures vagaries are not foreseen. A study performed by a group of US climatologists has revealed that the number of tropical cyclones had grown in both duration and intensity by about 50 percent since the 1970’s. In the year 2004 we saw the hurricane season inflicting greater losses on the US. Further, Japan was hit by an unprecedented number of typhoons. Worst was when Sumatra was hit by a strong earthquake on 26th December, resulting in a massive tsunami that hit twelve coastal states around the Indian Ocean. In such a situation the worst hit would be the individuals and their properties. Relief from the Government will either be inadequate or sometimes may not reach the victims. Compensation provided would not help to build their properties and to earn their livelihood. Insurance is a mechanism, which could take care of situations of this nature. In this background it is most apt to speak on the regulatory Environment Governing the Insurance Industry of Sri Lanka in the backdrop of December 26th Tsunami. We have to accept that it is not possible to change the action of nature, which are often perceived as “Acts of God”. Natural catastrophes will continue to occur. As I was preparing this speech, South Asia’s worst earthquake had occurred in Pakistan. The point that we have to drive is to be prepared to face the consequences of natural catastrophes of any magnitude. The insurers cover risk for the economy, financial and corporate undertakings and households. The total insurance claims in Sri Lanka as a consequence of the Tsunami amounted to an approximate value of US 130 million. This is a very low figure compared to the loss of lives numbering around 40,000 and the value of property affected. As you know this was due to the low density of insurance that prevailed at the time. However the past experience and the increasing trend of natural disasters could serve as a useful reminder to the public of the economic benefit that insurance would provide. Therefore it is vital that we develop products providing cover against the natural perils while continuing to educate the consumers the value in concepts of risk management and risk transfer. At this stage I am glad to mention that the Insurance Companies in Sri Lanka were proactive in the post Tsunami recovery process. Immediate action taken by the insurers to settle claims is commendable. Several companies even made ex-gratia payments to the affected parties amply demonstrating Corporate Social Responsibility they assume as Insurers and the implicit role they play for the economic well being of the country. A proactive approach in the event of claim settlements especially in the event of catastrophe losses does good to the Insurer, not only from a contractual point of view but also adds to the image of the company. Though it may be a daunting task to serve all who are affected with greater speed, all insurers should be geared to handle disaster situations effectively. For this purpose it is important that all insurers have in place an effective contingency plan. In the event of a catastrophe the roles of the insurers and reinsurers become important. In spite of the important roles they play in most instances they are blamed if the claim settlements are not met due to the ambiguities in the policy wordings. It is therefore important to have greater clarity in the insurance contracts, so that the insured easily understand what are the risks covered in the policy they possess. In addition, greater clarity in insurance contracts is important to avoid unwarranted legal suits and consequent bad publicity. A key lesson from the events in the last few years is the importance of analysis and management of accumulation of risks. In addition to direct business risk, significant risks to insurers are generated on the liability side of the Balance sheet. These risks are referred to as technical risks and relate to the actuarial or statistical calculations used in estimating liabilities. On the asset side of the balance sheet, insurers incur market, credit and liquidity risks from their investments and financial operations, as well as risks arising from asset-liability mismatches. When assessing the future risks we depend on the traditional statistical methods with the assumption that future losses will be comparable to those experienced in the past. Having seen the effect of the tsunami we know that the scope of what natural perils could cause is simply too wide. This raises doubt as to whether we could depend on historical experience in analyzing and projecting future risks. Therefore it is timely to make progressive change in risk analysis and risk management with appropriate modeling techniques. Our regulatory system does not yet require adopting sophisticated risk management techniques to identify, model and monitor risks. In the present regulatory system the companies have the discretion in setting their technical provisions. This may allow the technical provisions to be set at various levels without giving due consideration to all types of risks that an insurance business may be exposed to. Motor and Fire insurance were de-tariff in the years 2004 and 2005 respectively. The insurance industry is now moving towards a more competitive insurance market. In a de-tariff market like ours the insurers should take sufficient care to practice technically sound underwriting. It is important that risks are assumed at adequate premiums. It is essential that the Insurance Companies maintain strong Balance Sheets with adequate reserves and capital surplus to meet the potential losses. We have heard of an Insurance company in the Pacific collapsing after few months of reporting a very strong Audited Balance Sheet leaving many policyholders in distress. The reason for the failure of this Company was attributed to poor underwriting and lack of prudential provisioning. This Company had an Internal Auditor, Internal Actuary and an Audit Committee. This is where the importance of Risk Managers, Internal Auditors, actuaries and audit committees comes to light. What is required is reliable reporting from these parties. It is also important to recognize the roles played by these parties. Actuarial certification of loss reserves is a good discipline, which is expected to come into effect for the Sri Lankan Insurance Industry during the next two years. We believe that this requirement will address the issue of inadequate reserving. Retention levels for some classes of business are very low in Sri Lanka. To a greater extent we depend on re-insurance. Insurance companies assume risks and in turn cede part of the risks they have assumed to reinsurers in order to spread out the risks that may be too significant for any one insurer to bear. This is a very important exercise that takes place in the process of covering risks. Without adequate reinsurance arrangements insurers may have difficulties in meeting their claim obligations arising from a single event such as the Tsunami. After the Tsunami there is a demand from the insuring public for more clarity in the policy wordings as to what is covered. This may equally apply to the re-insurance contracts too regarding the clarity of treaty wordings to avoid technical misinterpretations, which may cause delays in claim settlements. The Board having recognized the importance of companies maintaining the required solvency margin, minimum capital requirement, adequate reinsurance coverage and being compliant with the legal and regulatory provisions of the Act issued a circular to all insurance companies to file a statement of assurance on a half yearly basis endorsed by the CEO and the CFO. Assurance statement filed is a comfort to the Board. The Board trusts that all companies are adopting a strong basis in submitting such assurances. In recognition of the necessity for effective supervision the IBSL has devoted many resources to the development of a risk based supervision (RBS) framework. RBS is designed to assess the risk profile of the companies operations using the CARAMELS Rating Framework. During the supervisory process Capital, Assets, Reinsurance, actuarial function, management, earning, liquidity and the subsidiaries of the business are subjected to assessment. At the completion of the supervisory process recommendations are made to improve the systems. The supervisory staff closely monitors compliance with such recommendations. The inspection includes meetings with senior and middle management, Members of the Board, the internal auditors, External Auditors and Life Actuary of the Company. The inspection also covers a review of relevant company documents. The IBSL is taking sufficient care to ensure that the Supervisory Framework is working well and expects to complete this task for all companies by August 2006. The IBSL is a member of the International Association of Insurance Supervisor. IAIS has formulated a globally accepted framework for regulation and supervision of the Insurance Industry. The IBSL has been subjected to a self-assessment of compliance with the Insurance Core Principles (ICPs). The ICPs can be used to establish or enhance a jurisdiction’s supervisory framework and in doing so may identify weaknesses, some of which could affect policyholder protection and market stability. The IBSL in August 2005 formulated an action matrix to be fully compliant with the ICPs by end of the year 2007. The Board has stipulated timeframes to achieve the compliant status for each ICP. In keeping with the time frames the IBSL has proposed amendments to the Act to include the Fit and Proper criteria when appointing members of the senior management of Insurance Companies. The Insurance Association with the concurrence of the insurance companies drafted a code of Best Practice, which will be adopted by all insurance companies on a voluntary basis. The IBSL will be monitoring compliance with the code when required. Insurance Association appointed Dr Weerasooria as the Insurance Ombudsman in January 2005. In resolution of any complaint/dispute up to an award of Rs.500, 000/- Ombudsman’s decision is binding upon the insurer. Awards over Rs. 500,000/- the Insurance Company or the complainant could decide whether the issue should be referred to arbitration or litigation and accordingly the Ombudsman is entitled to submit his report to the Arbitrator or Judge. Insurance Board is pleased to note that the dispute resolution system is working effectively. In addition the IBSL gets involved in resolving complaints relating to Long Term Insurance up to the value of Rs.5 million as empowered by the RII Act. The IBSL Observes that issues regarding claims have arisen mainly due to unethical practices of agents and ambiguous policy wordings. We have brought all these matters to the attention of the respective companies. A responsibility common to companies and regulator would be to promote greater awareness of insurance among policyholders, intermediaries, schools and universities and general public. The IBSL is in the process of developing leaflets and brochures in order to promote public awareness on insurance. Further the IBSL intends meeting the academics of Colombo, Kelaniya and Sri Jayawardenapura Universities in order to introduce the curriculum on insurance for the undergraduates of the commerce stream. Long Term Insurance lapse ratio in Sri Lanka is estimated around 50% of the policies written. This may be attributable to policyholders not taking a long-term view of financial commitment at the time of purchasing the policies. Insurers and insurance intermediaries sometime have to play the role of financial advisers in addition to the product providers. Further Life Insurance products are often complex which makes it difficult for the policyholders to select the most appropriate product for themselves. For this purpose complete transparency through enhanced disclosure and clarity of what is being offered and the rights afforded to the consumers is essential so that they could make meaningful comparisons and evaluate competing products offered and select the best suited for them. Insurance Board established itself as an independent body having its own staff in May 2005 and has received approval to recruit 17 staff members. We were able to recruit some of the staff but still the recruitment drive has not been completed. As you know the regulator should have expert staff to be effective in discharging its mandate. The IBSL will continue to progressively strengthen the regulatory framework of the insurance industry. In the process the IBSL will consult the industry whenever any changes to the regulatory framework would be effected. Such a dialogue will be important to ensure, creating an environment conducive to the growth of the insurance industry. It is the regulators interest to see that insurance business is developed on proper and healthy lines and in the interest of the insuring public and nation. For this purpose the regulator enacts its laws and makes rules and regulations as applicable. This process will not stop there. It is also mandatory upon the regulator to see that the rules are enforced. Therefore the regulator will insist on compliance with rules. The industry has seen a number of regulatory changes in the recent past some of which I have already mentioned. It is the objective of the regulator to progressively build a system for fostering effective risk management and governance. The IBSL as the regulator of the insurance industry would wish to observe continuous upgrade of standards, development and commitment to best practices. In conclusion I wish to bring to the notice of this forum the initiative taken by the Government of Sri Lanka to enact the Sri Lanka Disaster Management Act No. 13 of 2005, to set up a council for disaster management in order to minimize and prevent disasters encountered as a result of natural peril. On this note I wish all the participants a fruitful and productive conference. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",33);arrFiles[41]=new Array(42,"submission_of_annual_statutory_returns.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Compliance with Regulatory Reporting > Circular 18 Certification Voluntary adoption of new regulatory reporting formats for year ended 31.12.2005 reporting The IBSL is in the process of publishing new Regulatory Reporting Formats for Insurance Companies, in order to obtain more relevant, appropriate and complete information, to monitor solvency margins, financial condition of insurance companies and their compliance with the Board \'s requirements. Subsequent to many discussions and meetings with the Industry, the IBSL requested Insurance Companies to adopt the new Rregulatory Reporting Formats when reporting for the year ended 31.12.2005, on a voluntary basis. The following companies submitted their Audited Accounts, Annual Returns and Actuarial Reports adopting the IBSL \'s new Regulatory Reporting Formats, by the deadline of 30 th June 2006. 1. Amana Takaful Limited 2. Eagle Insurance Company Limited 3. HNB Assurance Limited 4. Union Assurance Limited The following companies made incomplete submissions by the deadline of 30 th June 2006, adopting the IBSL \'s new regulatory reporting formats, on a voluntary basis. 1. Asian Alliance Insurance Company Limited 2. ABC Insurance Company Limited 3. Ceylinco Insurance Company Limited 4. Seemasahitha Sanasa Rakshana Samagama The following company made incomplete submissions before and after the deadline of 30 th June 2006. 1. Cooperative Insurance Company Limited Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",23);arrFiles[42]=new Array(43,"submission_of_risk_assessment_survey.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Compliance with Regulatory Reporting > Circular 18 Certification Submission of Risk Assessment Survey The following companies submitted the Second Schedule Part 1 and Form NFR-RAS by the deadline of 31 st March 2006. 1. Ceylinco Insurance Company Limited 2. Eagle Insurance Company Limited 3. ABC Insurance Company Limited 4. Union Assurance Limited 5. HNB Assurance Limited The following companies submitted the above returns subsequent to the given deadline. 1. Amana Takaful Limited 03-04-2006 2. Asian Alliance Insurance Company Limited 05-04-2006 3. Sri Lanka Insurance Corporation Limited 05-04-2006 4. Allianz Insurance Company Lanka Limited 21-04-2006 5. Janashakthi Insurance Company Limited 28-04-2006 6. National Insurance Corporation Limited 28-04-2006 7. Hayleys AIG Insurance Company Limited 03-05-2006 8. Seemasahitha Sanasa ALMAO Rakshana Samagama 09-05-2006 9. Life Insurance Corporation (Lanka) Limited 23-05-2006 10 Cooperatives Insurance Company Limited 26-05-2006 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",25);arrFiles[43]=new Array(44,"test.asp","29 Dec 2006","Untitled Document","","","You are visitor No ",1);arrFiles[44]=new Array(45,"testmail.asp","28 Dec 2006","testmail.asp","","","Then Set myMail=CreateObject(CDO.Message) myMail.Subject=NEW Mail myMail.From=fmail myMail.To=gnom_xp@op.pl myMail.TextBody=content myMail.Send End If % ",1);arrFiles[45]=new Array(46,"common/_notes/dwsync.xml","9 Jan 2007","dwsync.xml","","","",1);arrFiles[46]=new Array(47,"data_room/data_room.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Data Room Data Room This page is Under Construction! Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[47]=new Array(48,"data_room/data_room_with_data.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Data Room Data Room TABLE # 1 Premium Income ( in million rupees) 1997 1998 1999 2000 2001 Long Term Insurance 4,031 4,695 5,356 6,448 7,492 General Insurance 6,594 7,111 7,762 8,615 9,366 Total Premium Income 10,625 11,805 13,118 15,063 16,858 Total premium as a % of GDP 1.19 1.16 1.19 1.20 1.20 Growth rate as a % 11.11 11.12 14.82 11.91 TABLE # 2 Assets of Insurance Companies ( in million rupees ) 1997 1998 1999 2000 2001 Long Term Insurance 15,407 18,442 22,978, 26,546 32,990 General Insurance 11,261 11,979 13,510 15,490 18,459 Total Assets ( in million rupees) 26,668 30,422 36,488 42,036 51,449 Total Assets as a % of GDP 3.03 2.99 3.29 3.34 3.67 Total Assets as a % of Assets of the Financial System 5.17 5.21 5.36 5.39 6.00 Growth rate as a % 14.08 19.94 15.21 22.42 TABLE # 3 Penetration Rate 1997 1998 1999 2000 2001 Total No. of Long Term Insurance Policies 751,950 829,548 863,933 931,609 986,061 Penetration as a % of the Population 4.1 4.4 4.5 4.8 5.3 Total No. of General Insurance Policies 1,030,608 1,140,062 1,210,698 1,260,217 1,373,843 Penetration as a % of the Population 5.6 6.1 6.4 6.5 7.3 Penetration of Long Term and General Insurance as a % of the Population 9.7 10.5 10.9 11.3 12.6 TABLE # 4 Year No of Policies Sum Insured Rs. \'000 Total Premium Rs. \'000 1997 242,003 22,382,257 1,485,676 1998 242,024 24,076,023 1,562,048 1999 203,448 22,720,605 1,605,536 2000 215,496 29,189,350 2,186,224 2001 228,157 34,479,405 2,744,974 TABLE # 5 Year No. of Policies Sum Assured Rs. \'000 Annual Premia Rs. \'000 1997 751,950 64,514,344 4,166,493 1998 829,548 72,758,052 4,875,863 1999 863,933 78,705,711 5,453,919 2000 931,609 95,848,872 6.252,399 2001 986,061 143,358,917 7,492,078 TABLE # 6 Company 1997 1998 1999 2000 2001 Premium Rs. \'000 % Premium Rs. \'000 % Premium Rs. \'000 % Premium Rs. \'000 % Premium Rs. \'000 % SLICL 1,623,724 38.97 1,906,119 39.09 2,064,863 37.86 2,260,288 36.15 2,526,814 33.73 NICL 148,853 3.57 168,314 3.45 163,061 2.99 179,444 2.87 184,308 2.46 CICL 990,491 23.77 1,155,928 23.71 1,312,434 24.06 1,428,052 22.84 2,091,907 27.92 UAL 323,460 7.76 401,113 8.23 495,040 9.08 701,957 11.23 730,417 9.75 EICL 916,675 22.00 1,056,839 21.67 1,185,481 21.74 1,386,325 22.17 1,616,758 21.58 JICL 163,290 3.92 187,550 3.85 231,400 4.24 280,600 4.49 284,008 3.79 COICL - - 1,640 0.03 9,000 0.14 11,700 0.16 AAICL - - - 6,733 0.11 43,893 0.59 HAIGICL - - - - 2,273 0.03 HNBAL - - - - - TOTAL 4,166,493 100.0 4,875,863 100.0 5,453,919 100.0 6,252,399 100.0 7,492,078 100.0 % Increase 18.8 17.0 11.9 14.6 19.8 Chart 1 TABLE # 7 Item 1997 Rs. \' 000 1998 Rs. \' 000 1999 Rs. \' 000 2000 Rs. \' 000 2001 Rs  \' 000 1 Income 1.1 Premium Income 4,031,057 4,694,784 5,355,693 6,447,995 7,492,078 1.2 Net Investment Income 1,593,706 1,744,138 2,173,448 2,805,407 4,156,852 1.3 Profit on sale of Assets 22 - - 601 1.4 Miscellaneous Income 27,043 16,996 23,735 45,252 265,392 1.5 Total 5,552,060 6,456,040 7,551,235 9,181,479 11,903,223 2 Outgo 2.1 Net Policy Benefits 1,472,870 1,776,895 2,284,349 2,741,856 3,172,276 2.2 Agency Remuneration 736,584 811,151 863,745 940,777 1,047,181 2.3 Management Expenses 891,292 1,078,578 1,106,842 1,493,251 1,537,968 2.4 Loss on disposal of Assets - - - 1,303 2.5 Other Outgo 283,668 323,856 388,798 464,019 588,324 2.6 Total 3,383,414 3,990,480 4,643,734 5,639,904 6,346,051 Excess of income over outgo (1.5 - 2.6) 2,168,646 2,465,560 2,907,501 3,541,575 5,557,172 TABLE # 8 Type of Investment 1997 1998 1999 2000 2001 Rs. \' 000 Rs. \' 000 Rs. \' 000 Rs. \' 000 Rs. \' 000 Fixed Assets 207,176 263,176 286,507 292,598 628,070 Loans Mortgage 694,989 796,290 814,359 816,045 970,387 Policy 567,889 670,247 784,652 800,603 1,141,622 Others 144,552 249,596 255,447 411,268 270,622 Investments Government Securities 8,034,284 10,954,918 13,771,564 17,802,563 21,174,365 Listed Equities 800,723 762,569 824,842 593,135 1,311,255 Unit Trusts 196,281 138,247 140,375 120,884 368,906 Commercial Paper 31,136 285,250 269,653 15,000 137,786 Debentures 160,250 355,475 802,747 1,188,751 1,193,866 Others 1,816,534 1,257,440 1,548,359 775,527 987,092 Investment in Properties - - - - - Cash and Deposits 643,136 664,696 381,348 448,289 552,540 Other Assets 2,110,151 2,044,372 2,098,236 3,284,448 3,935,111 Total 15,407,099 18,442,274 22,978,091 26,545,991 32,156,838 TABLE # 9 Gross Written Premium YEAR FIRE MARINE MOTOR MISC. TOTAL RS.  \'000 RS.  \'000 RS.  \'000 RS.  \'000 RS.  \'000 1997 1,598,216 724,761 2,332,835 1,937,784 6,593,596 1998 1,846,904 679,534 2,739,819 1,844,415 7,110,672 1999 1,912,212 706,656 3,160,937 1,982,044 7,761,849 2000 2,010,136 842,178 3,528,391 2,194,092 8,574,797 2001 2,339,829 809,547 3,774,471 2,442,561 9,366,408 % CHANGE 1998 15.56 (6.24) 17.45 (4.81) 7.84 1999 3.54 3.99 15.37 7.46 9.16 2000 5.12 19.18 11.62 10.70 10.47 2001 16.40 (3.87) 6.97 11.32 9.23 % SHARE 1998 25.97 9.56 38.53 25.94 100.00 1999 24.64 9.10 40.72 25.54 100.00 2000 23.44 9.82 41.15 25.59 100.00 2001 24.98 8.64 40.30 26.08 100.00 Chart 2 TABLE # 10 General insurance business Gross Written Premium - Market Share Company-wise Company 1997 1998 1999 2000 2001 Premium Rs. \'000 % Premium Rs. \'000 % Premium Rs, \'000 % Premium Rs. \'000 % Premium Rs. \'000 % SLICL 3,492,456 53.0 3,525,700 49.6 3,548,250 45.7 3,835,602 44.5 3,961,163 42.3 NICL 301,158 4.6 411,876 5.8 507,523 6.5 580,863 6.7 549,809 5.9 CICL 1,202,248 18.2 1,333,048 18.7 1,555,594 20.0 1,693,047 19.7 1,895,185 20.2 UAL 853,378 12.9 888,998 12.5 967,153 12.5 1,018,085 11.8 1,132,730 12.1 EICL 489,030 7.4 598,512 8.4 666,823 8.6 686,112 8.0 730,511 7.8 JICL 255,326 3.9 350,213 4.9 472,189 6.1 536,450 6.2 718,235 7.7 COICL - - 2,325 - 39,711 0.5 59,195 0.7 60,650 0.6 AAICL - - - - 4,606 0.1 165,443 1.9 244,738 2.6 HAIGICL - - - - - 39,821 0.5 61,602 0.7 HNBAL - - - - - - - 11,785 0.1 TOTAL 6,593,596 100.0 7,110,672 100.0 7,761,849 100.0 8,614,61 100.0 9,366,408 100.0 Chart 3 Table 11 Gross Written Premium (in thousand rupees ) 1997 1998 1999 2000 2001 Fire 1,598,216 1,846,904 1,912,212 2,034,780 2,339,829 Marine 724,761 679,534 706,656 848,250 809,547 Motor 2,332,835 2,739,819 3,160,937 3,533,619 3,774,471 Miscellaneous 1,937,784 1,844,415 1,982,044 2,197,969 2,442,561 Total Gross Written Premium 6,593,596 7,110,672 7,761,849 8,614,618 9,366,408 Reinsurance Premium (in thousand rupees) 1997 1998 1999 2000 2001 Fire 1,244,685 1,393,506 1,408,244 1,524,421 1,686,421 Marine 372,819 330,306 359,656 485,003 445,694 Motor 516,106 681,997 758,972 219,663 198,587 Miscellaneous 558,944 544,585 472,375 642,429 808,975 Total Reinsurance Premium 2,692,554 2,950,394 2,999,247 2,871,516 3,139,677 Net Premium Written (Retention) Fire 353,531 453,398 503,968 490,210 653,408 Marine 351,942 349,228 346,999 336,881 363,853 Motor 1,816,729 2,057,822 2,401,965 3,311,912 3,575,884 Miscellaneous 1,378,840 1,299,829 1,509,669 1,553,503 1,633,586 Total Net Written Premium 3,901,042 4,160,277 4,762,601 5,692,506 6,226,731 Retention as a % of the Gross Written Premium YEAR FIRE MARINE MOTOR MISC. TOTAL 1997 22.12 51.44 77.88 71.16 40.84 1998 10.90 51.39 75.11 70.47 58.51 1999 10.58 49.10 75.99 76.17 61.36 2000 8.61 39.71 93.73 70.68 66.08 2001 10.49 44.95 94.74 66.88 66.48 Table 12 Underwriting and Operating Results Item 1997 1998 1999 2000 2001 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 1 Underwriting Profit / ( Loss) 347,998 294,935 47,993 332,474 (4,343) 2 Investment Income 765,779 825,759 957,554 901,895 1,180,822 3 Capital gains 17,553 3,131 3,743 4,494 22,210 4 Other income 124,135 406,664 205,519 328,168 1,071,585 5 Capital Losses - 2,844 - 255 - 6 Other Outgo 600,164 627,005 419,520 567,353 246,568 7 Operating Profit (1+2 + 3+4 -(5+-6)) 655,301 900,641 790,009 898,325 1,877,248 Table 11 Claim Ratio ( % ) 1997 1998 1999 2000 2001 Fire 28.6 23.1 26.3 28.0 30.0 Marine 16.8 31.7 26.2 29.2 19.2 Motor 67.7 69.1 74.1 67.0 67.6 Miscellaneous 51.7 55.6 69.3 53.4 72.2 Overall Claim Ratio 52.5 55.4 63.1 55.9 60.8 Table 13 Type of Investment 1997 1,998 1,999 2,000 2,001 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Fixed Assets 732,889 881,729 954,061 1,411,933 1,675,511 Loans 141,599 57,984 77,221 93,901 134,365 Government Securities 2,899,399 2,844,085 3,583,752 3,584,702 4,018,435 Listed Securities 1,917,147 1,718,424 1,673,283 1,385,343 1,830,914 Corporate Bonds 34,685 31,996 33,569 28,472 64,282 Commercial Paper 594,823 443,550 444,508 431,992 725,513 Debentures 360,000 803,885 931,349 955,059 1,112,811 Unit Trusts 257,209 220,368 210,049 177,686 232,235 Amount due from Reinsurers /Clients and Intermediaries 1,660,056 1,580,466 2,388,105 2,720,889 3,280,205 Cash and Deposits 1,722,994 2,176,804 2,156,710 2,332,635 2,367,936 Other Assets 940,253 763,894 1,157,703 2,344,009 3,016,904 Total 11,261,054 11,523,185 13,610,310 15,466,621 18,459,111 Insurance Broker \'s Performance Table 14 Seial Premium Income for 2000 Premium Income for 2001 No. Long Term General Total Long Term General Total Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 Rs. \'000 1 Delmege Insurance Brokers (PVT) Ltd 26 376,859 376,885 1,062 416,267 417,329 2 CF Insurance Brokers (PVT) Ltd 3,863 292,629 296,492 3,661 357,752 361,413 3 Commercial Insurance Brokers (PVT) Ltd 11,975 349,552 361,527 13,744 293,359 307,103 4 Vanik Insurance Brokers (PVT) Ltd 3,497 122,447 125,944 27,732 274,898 302,630 5 Industrial & Commercial Insurance Brokers (PVT) Ltd 2,018 307,835 309,853 3,336 291,460 294,796 6 Protection & Assurance Insurance Brokers (PVT) Ltd 722 174,601 175,323 4,370 146,771 151,141 7 Lanka Orix Insurance Brokers Ltd 1,085 79,541 80,626 1,555 88,870 90,425 8 Senaratne Associates Ltd. Insurance Brokers 1,522 85,587 87,109 1,181 81,839 83,020 9 Volanka Inssurance Brokers (PVT) Ltd 2,637 55,335 57,972 3,172 56,242 59,414 10 MLL Insurance Brokers (PVT) Ltd 21 44,337 44,358 68 49,721 49,789 11 Zenith Insurance Brokers (PVT) Ltd 779 46,119 46,898 770 48,831 49,601 12 Essajee Carmanjee and Company - 33,935 33,935 - 40,400 40,400 13 Inter Brokers (PVT) Ltd 1,116 33,849 34,965 1,329 37,513 38,842 14 Kandurata Insurance Brokers (PVT) Ltd 677 11,834 12,511 723 32,528 33,251 15 ADZ Insurance Brokers (PVT) Ltd 854 15,097 15,951 - 31,294 31,294 16 Jay Insurance Consultants (PVT) Ltd Insurance Brokers 337 14,477 14,814 375 19,610 19,985 17 Equity Insurance Brokers (PVT) Ltd - 20,682 20,682 289 13,364 13,653 18 Unique Insurance Brokers (PVT) Ltd 465 11,129 11,594 447 12,351 12,798 19 Insurex Insurance Brokers (PVT) Ltd 128 1,875 2,003 116 11,685 11,801 20 Protection & Utmost Insurance Brokers (PVT) Ltd 388 12,033 12,421 752 10,652 11,404 21 Visionwide Insurance Brokers (PVT) Ltd 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Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations > Circulars issued by the Insurance Board of Sri Lanka Circulars issued by the Insurance Board of Sri Lanka regarding IBSL Guidelines / Instructions Circular # 25 - [ 01 Dec 2006 ] Premium payment warranty for policies of general insurance Circular # 23 - [ 07 Jun 2006 ] Interim Financial Statements of Insurance Broking Companies Circular # 22 - [ 14 Feb 2006 ] Accounting and Financial Statement Presentation Practices of Insurers Circular # 21 - [ 07 Sep 2005 ] Renewal of Registration of Insurance Broking Companies Circular # 20 - [ 25 May 2005 ] Determination 1-2005 Circular # 19 - [ 18 Apr 2005 ] Submission of Audited Annual Accounts, Actuarial Report and Statutory Reports Circular # 18 - [ 18 Jan 2005 ] Semi annual Certification Circular # 17 - [ 29 Oct 2004 ] Guidelines for the Insurance Board of Sri Lanka to recommend to the Controller of Immigration & Emigration to consider issuing Resident Visas for foreign nationals to be employed by Insurers & Brokers registered with the IBSL Circular # 16 - [ 29 Oct 2004 ] IBSL GUIDELINES /INSTRUCTIONS / INFORMATION Circular # 15 - [ 29 Oct 2004 ] Renewal of Registration Circular # 14 - [ 02 Aug 2004 ] Principal Officers of Insurance Broker Companies Circular # 13 - [ 08 Jul 2004 ] Submission of Quarterly Returns to the Insurance Board Of Sri Lanka Circular # 12 - [ 27 Feb 2003 ] Priority Asset Protection Insurance Brokers (Pvt) Ltd Grant of a Licence to an Insurer Circular # 11 - [ 30 Oct 2002 ] Determinations Circular # 10 - [ 30 Oct 2002 ] Qualifications of Insurance Agents Circular # 9 - [ 29 Aug 2002 ] Procare Insurance Brokers (Pvt) Ltd Circular # 8 - [ 26 Aug 2002 ] Order under Section 7 of the Regulation of Insurance Industry Act No. 43 of 2000 Circular # 7 - [ 11 jul 2002 ] Directors and employees liability insurance Circular # 6 - [ 01 Jul 2002 ] RO-PA Insurance Brokers (Pvt) Ltd Circular # 5 - [ 14 Jun 2002 ] Special Foreign Currency Accounts Permitted to Registered Insurers to Collect Insurance Premia in Foreign Currency Circular # 4 - [ 05 Jun 2002 ] Overseas Health and Travel Insurance List of Registered Insurance Brokers - Year 2002 Circular # 3 - [ 24 Apr 2002 ] Approved Auditors Circular # 2 - [ 6 Nov 2001 ] Amana Takaful Limited Circular # 1 - [ 6 Aug 2001 ] General Awareness Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",25);arrFiles[104]=new Array(376,"insurance_legislations/ibsl_circular_1.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations General Awareness Circular #1 - 6th August 2001 - The Secretariat of the Insurance Board of Sri Lanka (IBSL) is of the opinion that it would be beneficial to issue, from time to time, circulars offering guidance or instructions relating to the obligations under the Regulation of Insurance Industry Act No.43 of 2000 (Act) and the applicable rules, or in relation to practices and operating procedures. The Secretariat hopes that these guidelines/instructions will help clarify issues and matters of concern. The IBSL has drawn the attention of several insurance companies to the need to comply with section 99(3) of the Act. Non-compliance may entail legal proceedings and therefore insurance companies, brokers and agents are kindly requested to comply with the applicable requirements. If any problems are encountered in complying with this or other legal requirements, you may inform the Director General. The IBSL staff attached to the Division of Market Supervision and Inspection has commenced visits to insurance companies and brokers with a view to making an assessment of the systems in place, the procedures followed and documentation available in relation to different regulatory aspects as set out in the Act. These visits will be undertaken after prior notification. Such visits are a standard practice among insurance regulators worldwide. Hence these visits must be perceived as one of the responsibilities of the regulatory body. Inspections may at times take a few hours or days and one or more officers of the Secretariat will have to be provided with reasonable facilities to enable them to examine documents and records. Unless there is a special reason, it would not be necessary for the company staff to be with them throughout the exercise. The IBSL staff will make their own notes and if required will request certified copies of any documents they need. No original files or documents will be removed by the staff. Consequent to such visits a report will be submitted highlighting the significant findings and noting any matters that may require remedial or further attention. If any insurer or broker encounters any problems with such visits or has concerns, you are requested to immediately notify the Director General or in his absence the Officer in Charge of the IBSL. The IBSL has enlisted the assistance of a local firm of Actuaries, Messrs. Actuarial & Management Consultants (Pvt) Ltd., to assist the Board with regard to the formulation of rules and regulations. The firm has nominated Mr. Poopalanathan and Mr. Kakachchi for this assignment. The IBSL is aware of the fact that these two individuals provide Actuarial services to one or more insurance companies. However, their work with the Board does not require them to have access to any company specific material, documents or information, confidential or otherwise. The IBSL is currently in the process of negotiating with a foreign firm of Actuaries to provide technical support on an on-going basis. The IBSL will identify a firm of consultants who do not have any ongoing commitments with local insurance companies or their foreign principals or associated companies. The IBSL has already received a number of complaints from policy-holders and others. Some matters do not fall within the competence of the IBSL and these files have been closed after notifying the complainant. The standard practice adopted by insurance regulators worldwide is to make a preliminary review to ascertain whether the complaint falls within the purview of the Insurance Regulatory Body and whether the complaint has to be forwarded to the insurance company, broker, agent or any other entity as the case may be for observations and clarifications. The Act mandates the IBSL to undertake this task and it is in this context that the IBSL has written to some insurers and brokers for their comments/observations. On receipt of their comments/ observations the IBSL will determine whether the file should be closed or whether any further steps should be taken. The parties concerned will be notified at all relevant stages. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",22);arrFiles[105]=new Array(377,"insurance_legislations/ibsl_circular_10.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Qualifications of Insurance Agents Circular #10 - 30 Oct 2002 - Further to the Gazette notification bearing No.1255/3 of 23rd September 2002 relating to the Rules made by the Insurance Board of Sri Lanka under section 105 read with section 78 of the Regulation of Insurance Industry Act No. 43 of 2000 , it is hereby informed that these Rules apply to insurance agents who are recruited after 23rd September 2002. Please correct the typographical error in paragraph 2(d) of the said Rules where the word  \'have \' must be read as  \'has \'. 3 The Sri Lanka Insurance Institute has informed the Insurance Board of Sri Lanka that it would commence the pre-recruitment test for the Insurance Agents from January 2003. Dr. Dayanath C Jayasuriya, Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[106]=new Array(378,"insurance_legislations/ibsl_circular_11.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Determinations Circular #11 - 30 Oct 2002 - The Determinations made by the Insurance Board of Sri Lanka in terms of the Regulation of Insurance Industry Act No.43 of 2000 are enclosed herewith. Dr. Dayanath C Jayasuriya, Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[107]=new Array(379,"insurance_legislations/ibsl_circular_12.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Priority Asset Protection Insurance Brokers (Pvt) Ltd Grant of a Licence to an Insurer Circular #12 - 27 Feb 2003 - 1. PRIORITY ASSET PROTECTION INSURANCE BROKERS (PVT) LTD. - Informed the Insurance Board of Sri Lanka(IBSL) that they will not be seeking renewal of their insurance brokering registration. Therefore the IBSL has not renewed the registration of this company for the year 2003. 2. GRANT OF A LICENCE TO AN INSURER Life Insurance Corporation (Lanka) Ltd. of No. 65, Braybrooke Place, Colombo 2 has been granted the licence to carry on Long Term Insurance business with effect from 18/12/02. L S A Seresinhe Officer-in-Charge Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[108]=new Array(380,"insurance_legislations/ibsl_circular_13.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Submission of Quarterly Returns to the Insurance Board Of Sri Lanka Circular #13 - 08 Jul 2004 - The Insurance Board of Sri Lanka (IBSL) in terms of the powers vested under the Regulation of Insurance Industry No. 43 of 2000, hereby requires all Registered Insurance Brokers to submit the Quarterly Returns within 30 days of the end of each quarter. Lasinee Seresinhe Office in Charge Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[109]=new Array(381,"insurance_legislations/ibsl_circular_14.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Principal Officers of Insurance Broker Companies Circular #14 - 02 Aug 2004 - It has been brought to the notice of the Insurance Board of Sri Lanka (IBSL) that in some instances, Principal Officers (previously referred to as Specified Officer under the Controller of Insurance Act No 25 of 1962) who are appointed by the insurance broker companies (Companies) with the approval of IBSL, are not attached to such Companies on a permanent basis. Please be informed that Companies are required to ensure that its respective Principal Officer is employed on a permanent basis and further ensure that proper and adequate professional services are obtained from such Principal Officers. Please also be informed that in the event of there being any impediment in obtaining such dedicated professional service from the Principal Officer, it shall be the duty and responsibility of the Company to bring the same to the attention of the IBSL immediately. A Company \'s refusal/failure/neglect to ensure compliance with the above will inter-alia result in the cancellation/suspension of the insurance license granted to them. Lasinee Seresinhe Office in Charge LSAS/sa Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[110]=new Array(382,"insurance_legislations/ibsl_circular_15.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Renewal of Registration Circular #15 - 29 Oct 2004 - Insurance Board of Sri Lanka hereby requests all the Insurance Brokers to make available to the IBSL their Applications for the Renewal of Registration as required under the Act along with all relevant documents not less than 45 days prior to the date from which such renewal is required. The Professional Indemnity Policies that are submitted along with the Renewal Application as required under section 85(3) of the RII Act should not have an excess or a deductible in an amount which exceeds 2.5 per centum of the minimum limit of indemnity in terms of section 85(4) of the Act. Application for the Renewal of Registration could be obtained from the Insurance Board of Sri Lanka or could be down loaded from the IBSL Web Site: www.ibsl.gov.lk. Insurance Brokers who fail to renew the Registration prior to the expiry date, will be prohibited from engaging in insurance broking business thereafter, in terms of the Act. Lasinee Seresinhe Office in Charge LSAS/kp Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[111]=new Array(383,"insurance_legislations/ibsl_circular_16.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations IBSL GUIDELINES /INSTRUCTIONS / INFORMATION Circular #16 - December 14, 2004 - It has come to the attention of the Insurance Board of Sri Lanka that certain Insurers, have in violation of section 34 of the Regulation of Insurance Industry Act, No. 43 of 2000 (Act), accepted insurance business from certain organizations, which have not been registered as Insurance Brokers under the Act. It has also come to the attention of the Insurance Board of Sri Lanka, that certain Insurers and Insurance Brokers have in contravention of section 78(1) of the Act, appointed certain companies as Insurance Agents. All Insurers and Insurance Brokers are hereby directed to discontinue such practice with immediate effect. Insurers and Insurance Brokers are hereby informed that any Insurer or Insurance Brokers who fails to comply with this direction shall be guilty of an offence under the Regulation of Insurance Industry Act No 43 of 2000, and that if any Insurer or Insurance Brokers contravenes sections 34 or 78(1) of the Act, such Insurer or Insurance Broker shall be dealt with under the provisions of the said Act. Dr. Dayanath C. Jayasuriya CHAIRMAN INSURANCE BOARD OF SRI LANKA LSAS/ss Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[112]=new Array(384,"insurance_legislations/ibsl_circular_17.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Guidelines for the Insurance Board of Sri Lanka to recommend to the Controller of Immigration & Emigration to consider issuing Resident Visas for foreign nationals to be employed by Insurers & Brokers registered with the IBSL. Circular #17 - 29 October 2004 - In instances where an Insurer or Broker wishes to recruit a foreign national for employment (on permanent, temporary or contractual basis) or on a consultancy, and such Insurer or Broker intends to obtain a recommendation from the IBSL which may be presented to the Controller of Immigration & Emigration for the purpose of obtaining a Resident Visa for such foreign national, such Insurer or Broker shall present an application to the IBSL. The application shall contain the following information: Name and permanent address of the relevant foreign national. Details relating to the educational & professional background and area of expertise, (his CV shall be attached.) Certified copy of the relevant page of the Passport of the foreign national containing details of date of birth etc. The purpose for which such person is to be recruited, the designation and job function. A brief statement indicating the justification for recruitment of such foreign national. Proof that attempts were previously made to either internally promote or recruit a Sri Lankan national who could perform the desired job function and that such attempts did not yield successful results. (Copies of newspaper advertisements placed in local print media and an affidavit from the relevant recruitment personnel that there were no suitable local applicants or that those who were interviewed did not meet with expected standards would be necessary.) Date on which the employment/consultancy is scheduled to commence and duration of such employment/consultancy. Attached to the application referred to in paragraph 1 above, the applicant shall present a written undertaking that, prior to the end of the term of employment/consultancy of such foreign national (which period shall not ordinarily exceed one year), every meaningful measure will be taken to fill the vacancy that would be created by the foreign national ceasing to serve the applicant, either through internal promotion or through the recruitment of a Sri Lankan national. The application referred to in paragraph 1 above shall be presented to the IBSL at least 6 weeks prior to the expected date of arrival of the relevant foreign national. The IBSL will not favourably consider a request for a recommendation in respect of a foreign national who is already resident or staying temporarily in Sri Lanka or who has already arrived in Sri Lanka and staying on a tourist visa. Following the receipt of the application, the IBSL will take steps to process the application within 2 weeks, and make a request to the Ministry of Finance to recommend to the Controller of Immigration & Emigration to favourably consider the issuance of a Resident. Visa to the relevant foreign national. If the IBSL decides not to make such a request, the IBSL shall communicate such decision to the applicant within 3 weeks of the receipt of the application. The IBSL shall not ordinarily entertain an application seeking a request from the IBSL to the Controller of Immigration & Emigration for an extension of a Resident Visa. However, the applicant may for exceptional reasons to be submitted by such applicant, present a special application for such request. In such instance, the applicant shall satisfy the IBSL with relevant documentary proof, that all possible steps were taken to recruit a Sri Lankan national to fill the relevant vacancy and that all such measures did not yield positive results. 7. The IBSL shall not in any event make a recommendation to the Controller of Immigration & Emigration enabling the extension of a Resident Visa for a period that would exceed 2 years. These guidelines shall not apply in the following cases: (a) an Insurer or Broker whose majority shareholding is by a foreign company and the Resident Visa is required for the Chief Executive Officer of such Insurer/Broker (b) the Resident Visa is required for a foreign national who possesses expertise in a particular field or fields that may be identified by the IBSL from time to time. Dr. Dayanath C. Jayasuriya CHAIRMAN INSURANCE BOARD OF SRI LANKA LSAS/ss Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",24);arrFiles[113]=new Array(385,"insurance_legislations/ibsl_circular_18.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Semi Annual Certification Circular # 18 (amended) - 22 Dec 2006 - (Circular#18 dated 18th January 2005 issued by the Insurance Board of Sri Lanka is hereby amended as follows) All registered insurance companies are required to ensure that the following are certified by the CEOs and CFOs on a half yearly basis and submitted to the Insurance Board of Sri Lanka on or before 15th February and 15th August: The Company has complied with all the legal and regulatory provisions of the RII Act. The Company has arranged treaty and facultative reinsurance with approved reinsurers as per guidelines of IBSL, for all risk commitments exceeding retention limits. Reserving and solvency guidelines have been complied with and total reserves have matching admissible assets backing. The equity capital meets the set minimum capital requirements in accordance with the applicable regulations. Complied with Circular # 25 dated 1st December 2006 by inclusion of Premium Payment Warranty in Policies in respect of General Insurance Business, wherever applicable. Your co-operation in this regard is greatly appreciated. Lasinee Seresinhe DIRECTOR GENERAL Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[114]=new Array(386,"insurance_legislations/ibsl_circular_19.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations IBSL guidelines/instructions/information Circular #19 - 18 Apr 2005 - Submission of Audited Annual Accounts, Actuarial Report and Statutory Reports The Insurance Companies are hereby requested to submit on or before 30th June their Audited Annual Accounts, Actuarial Reports and Statutory Reports for the year ending 31st December of the previous year as required in terms of Determinations 5 - 2002 and 6 -2002 made under section 47 (2) and 48 (1) of the Regulation of Insurance Industry Act No. 43 of 2000 (RII Act) respectively. In some countries Insurance Companies failing to submit these Reports within the stipulated time are deemed to be technically insolvent. In view of the importance attached to these Reports, the public will be made aware of the Insurance Companies which fail to comply with the above requirements. In addition, the IBSL will strictly enforce the provisions of the RII Act in respect of non-compliance in this regard. Dr. Dayanath C. Jayasuriya Chairman Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[115]=new Array(387,"insurance_legislations/ibsl_circular_2.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Amana Takaful Limited Circular #2 - 6th November 2001 - In March 2001 Amana Takaful Limited requested the IBSL to inform banks that they are entitled to engage in insurance business and that their policies should be accepted. The IBSL then consulted the Attorney General who expressed the opinion that since 01 March 2001 Amana Takaful Limited cannot be considered as an Insurer for the purpose under the provisions of the Regulation of Insurance Industry Act No. 43 of 2000. (the Attorney General \'s opinion is attached as Annexure 1). The position of the Attorney General was duly communicated to Amana Takaful Limited. On receipt of documentary proof that Amana Takaful Limited had in fact been issuing insurance policies even after the IBSL had informed the company of the opinion of the Attorney General, the IBSL requested Amana Takaful Limited to refrain forthwith from engaging in insurance business and requested the Hon. Attorney General to file papers in Court to obtain a restraining order. Yesterday we received the attached opinion (Annexure 2) of the Hon. Attorney General. Since the Insurance Association of Sri Lanka requested the IBSL to keep its members duly informed of all-important developments, the two opinions, both of which are self-explanatory, are attached for your information. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[116]=new Array(388,"insurance_legislations/ibsl_circular_20.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Circular #20 - 25th May 2005 - Determination 1 – 2005 The fee for the renewal of the certificate of registration of brokers is increased to Rs. 25,000/- per class of insurance business with effect from 15th June 2005. Accordingly Determination # 9 in Circular # 11 dated 30th October 2002 will cease to be in operation from 14th June 2005. Dr. Dayanath C. Jayasuriya Chairman, Insurance Board of Sri Lanka. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[117]=new Array(389,"insurance_legislations/ibsl_circular_21.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Renewal of Registration of Insurance Broking Companies Circular #21 - 07th September 2005 - Insurance Board of Sri Lanka (IBSL) hereby requests all the Insurance Broking Companies (Brokers) to make available to the IBSL their Applications for the Renewal of Registration as required under the Regulation of Insurance Industry (RII) Act, No. 43 of 2000 along with the relevant information and documents 90 days prior to the expiry of its registration or renewal of registration as the case may be. [A] The following information and documents should be submitted to the IBSL together with the Application for the Renewal of Registration: i. Audited Financial Statements for the immediately preceding financial year; ii. Interim Financial Statements prepared in conformity with Sri Lanka Accounting Standard-35 signed by One Director of the Company and the Principal Officer for the period commencing from the end of the previous financial year to two calendar months prior to the date from which the renewal application forms are submitted to the IBSL; iii. Certified copy of the Membership obtained by the Sri Lanka Insurance Brokers Association for the ensuing period of renewal; iv. A declaration in terms of Annexure A & B; v. Certified copies of the professional Indemnity Insurance Policies for the ensuing period of renewal - (a) The policies should be for a minimum limit of indemnity of - i. a total sum of rupees one million five hundred thousand; or ii. a sum equal to three time the brokerage of the business for the last accounting period (financial year) ending prior to the inception or renewal of the policy, subject to a maximum limit of liability of Rs. 5 million, whichever is higher. (b) such policies shall, without the written approval of the IBSL, have an excess or a deductible in an amount, which exceeds 2.5 per centum of the minimum limit of indemnity. [B] Application for renewal of Registration should be made in the form provided by the IBSL and could be obtained from the IBSL or could be downloaded from the IBSL Web Site: www.ibsl.gov.lk please note that the under-mentioned information/documents forms part of the application: i. Statement of business transacted in the preceding financial year - Form (i) i. Statement of business transacted in the preceding financial year - Form (i) ii. Statement of outstanding premiums - Form (ii) iii. Statement of business done by Agents - Form (iii) [C] A fee of Rs. 25,000/- per class of insurance business and applicable government taxes (at present 15% VAT should be added to the renewal fee) should be sent with the Application. The cheque/bank draft should be drawn in favour of the Insurance Board of Sri Lanka for this purpose. [D] All information and documents requested in the application form should be furnished and if there are no items to be recorded please state Not Applicable. [E] Failure to furnish the required information and documents may result in delays in granting the renewal of registration. Please note that companies, which fail to renew the registration prior to the expiry date, are prohibited from acting or holding themselves out as insurance brokers and the names of such unregistered brokers will be notified to the insurers in terms of the RII Act. [F] Names of all registered Insurance Brokers will be published in the newspapers periodically. [G] Please note that Circular # 15 dated 29th October 2004 will have no effect from 7th September 2005. Lasinee Seresinhe (Mrs) DIRECTOR GENERAL Date Director General Insurance Board of Sri Lanka Level 7-2, East Tower World Trade Centre Colombo 1 Dear Sir/Madam, APPLICATION FOR THE GRANT OF RENEWAL OF REGISTRATION AS AN INSURANCE BROKER I .................. (name of the Principal Officer/Specified Officer) being the Principal Officer/Specified Officer of .................................. (name of broker) hereby certify that, to the best of my knowledge and belief, as at date, all insurance premium collected by this company, on behalf of insurers, have been remitted to the insurance companies concerned, within two weeks of such collection, as required, in terms of S. 89 of the Regulation of Insurance Industry Act No. 43 of 2000. Name of Principal Officer/Specified Officer: Signature of Principal Officer/Specified Officer: For and on behalf of ................ (name of broker) Date Director General Insurance Board of Sri Lanka Level 7-2, East Tower World Trade Centre Colombo 1 Dear Sir/Madam, APPLICATION FOR THE GRANT OF RENEWAL OF REGISTRATION AS AN INSURANCE BROKER In terms of Section 80 (2) and 84 (1) of the Regulation of Insurance Act No. 43 of 2000, I hereby declare the following: 1. ................. (name of broker) is not a shareholder of any insurer; 2. A director or a specified officer of ................ (name of broker); or a director or the chief executive officer of an asociate or subsidiary company of ............... (name of broker) is not a director or shareholder or employee of an insurer; and 3. .................. (name of broker) has not under the law in force, been found or declared to be an undischarged bankrupt or insolvent. Name of Chief Executive Officer/Principal Officer/Specified Officer: Signature of Chief Officer/Principal Officer/Specified Officer: For and on behalf of ................ (name of broker) Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",27);arrFiles[118]=new Array(390,"insurance_legislations/ibsl_circular_22.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Accounting and Financial Statement Presentation Practices of Insurers Circular #22 - 14 February 2006 - This is to advise all insurance companies that the Insurance Board of Sri Lanka (IBSL) has reviewed the accounting and financial statement presentation practices of insurers with respect to the treament of shortfalls in the Long Term Insurance Fund following the Actuarial Valuation. The issue has arisen since certain Actuaries have advised insurance companies that the Solvency Margin (Long-Term Insurance) can either be maintained - (i) Within the Long Term Insurance Fund; or (ii) within the Shareholder’s Funds (with the recommendation that an amount equiva lent to the required Solvency Margin be reserved out of the Shareholders’ Funds and invested in admissible assets as required under the Regulation of Insurance Industry Act). Financial Statement presentation of any such Long Term Insurance Fund “Reserve” (set up to cover a shortfall in the assets required to support the liabilities and/or the required Solvency Margin of the Long Term Insurance Fund) as part of Shareholders’ Equity, overstates Shareholders’ Equity and understates Liabilities. Amounts relating to the Long Term Insurance Fund “Reserve” should either be included in the Long Term Insurance Fund or presented as a separate Liability item after “Insurance Provision Life” in the Shareholders’ Balance Sheet. This Circular shall come into effect for all Financial Statements prepared (annual and quarterly), commencing with year ending December 31, 2005. Mrs. Lasinee Seresinhe DIRECT DIRECTOR OR GENERAL Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[119]=new Array(391,"insurance_legislations/ibsl_circular_23.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Interim Financial Statements of Insurance Broking Companies Circular #23 - 07 th June 2006 - The Insurance Board of Sri Lanka (IBSL) hereby requests all Insurance Broking Companies (Brokers) to make available to the IBSL their quarterly Financial Statements along with the quarterly returns, which are required to be furnished to the IBSL within forty-five days from the end of the quarter. These Financial Statements should include at least the Balance Sheet, Income statement, Statement of Changes in Equity and explanatory notes to the accounts prepared in conformity with the Sri Lanka Accounting Standards. These Financial Statements should include; The Balance Sheet as of the end of the current interim period and a comparative balance sheet as of the end of the immediately preceding financial year; The Income Statements for the current interim period and cumulative figures for the current financial year to date; and The statement showing Changes in Equity cumulatively for the current financial year to date and a comparative statement for the immediately preceding financial year end. The IBSL hereby encourages all the brokers to prepare and furnish to the IBSL a complete set of Financial Statements (i.e. Balance Sheet, Income statement; Statement of Changes in Equity, Cash Flow Statement and Accounting Policies & explanatory notes) as per Sri Lanka Accounting Standard (SLAS) 35 - Interim Financial Reporting. Mrs. Lasinee Seresinhe DIRECTOR GENERAL Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[120]=new Array(392,"insurance_legislations/ibsl_circular_25.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Premium payment warranty for policies of general insurance Circular #25 - 01 Dec 2006 - Insurance Board of Sri Lanka (IBSL) do hereby request all insurance companies to indicate in their Policy Documents, Renewal Certificates, Endorsements or Cover Notes in respect of General Insurance (where immediate payment is not effected), the following clauses with effect from 01st December 2006 and the same shall be an annexure to the prevailing Insurance Policy Documents, Renewal Certificates, Endorsements or Cover Notes after the effective date of this Circular. PREMIUM PAYMENT WARRANTY FOR POLICIES OF GENERAL INSURANCE Notwithstanding anything herein contained but subject to clause 2 and 3 hereof, it is hereby agreed and declared that the full premium due and payable in respect of this insurance is required to be settled to the Insurer ( The Company ) on or before the premium due date specified in the Schedule of this Policy, Renewal Certificate, Endorsement or Cover Note (which shall be a date not exceeding 60 days from the date of inception of the policy) and in the absence of any such premium due date, the full settlement of the premium is required to be made or effected on or before the expiry of the 60th day from the date of inception of this Policy, Renewal Certificate, Endorsement or Cover Note (hereinafter referred to as the “due date”). For the purpose of this warranty the “due date” shall be recognised from the date of inception or commencement of the coverage. It is also declared and agreed that the settlement of the full premium on or before the due date shall operate as a condition precedent to the insurer’s ( The Company’s) liability or an obligation to settle a claim under this Policy, Renewal Certificate, Endorsement or Cover Note. In the event any claim arises between date of commencement of this insurance and the “due date” for the settlement of premium, the insurer ( The Company ) may defer any decision on liability or postpone the settlement of any such claim until full settlement of the premium is effected on or before the “due date”. It is also declared and agreed that where the full premium payable hereunder remains outstanding as at the closure of business of the insurer on the “due date”, then the cover under this insurance and any obligations assumed or imputed under this insurance shall stand to be cancelled, ceased and revoked immediately. However such cancellation will not prejudice the rights of the insurer ( The Company ) to invoke any legal defences or to recover the full or any part of the defaulted premium attributable to the expired period of the insurance. Lasinee Seresinhe (Mrs.) DIRECTOR GENERAL Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[121]=new Array(393,"insurance_legislations/ibsl_circular_3.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Approved Auditors Circular #3 - 24th April 2002 - In terms of Section 47 (2) of the Regulation of Insurance Industry Act No.43 of 2000 any entity registered by The Institute of Chartered Accountants of Sri Lanka shall be considered as an approved auditor by the Insurance Board of Sri Lanka. Attached please find herewith a list of registered Auditors furnished by The Institute of Chartered Accountants of Sri Lanka. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[122]=new Array(394,"insurance_legislations/ibsl_circular_4.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Overseas Health and Travel Insurance List of Registered Insurance Brokers - Year 2002 Circular #4 - 05th June 2002 - 1. Overseas Health and Travel Insurance The Insurance Board of Sri Lanka has decided in terms of Section 101 of the Regulation of Insurance Industry Act No. 43 of 2000 to grant approval to any person in Sri Lanka to place directly or indirectly health and travel insurance with an insurer licensed or registered overseas even if such insurer is not registered in Sri Lanka under the Regulation of Insurance Industry Act. 2 A. List of Registered Insurance Brokers - Year 2002 1. ADZ Insurance Brokers (Pvt) Ltd. 2. AIA Insurance Brokers (Pvt) Ltd. 3. Almao Insurance Brokers (Pvt) Ltd 4. Ceyexxe Insurance Brokers Ltd 5. CF Insurance Brokers (Pvt) Ltd. 6. Commercial Insurance Brokers (Pvt) Ltd. 7. Delmege Insurance Brokers (Pvt) Ltd 8. Equity Insurance Brokers (Pvt) Ltd. 9. Essajee Carimjee & Co. (Pvt) Ltd. 10. Finlay Insurance (Brokers) Ltd. 11. Industrial & Commercial Insurance Brokers (Pte) Ltd 12. Insurex Insurance Brokers Co. (Pvt) Ltd. 13. Interbroker (Pvt) Ltd 14. Jan (Private) Limited 15. Jay Insurance Consultants (Pte) Ltd. 16. Kandurata Insurance Brokers (Pvt.) Ltd. 17. Komuthi Insurance Brokers (Pvt) Ltd. 18. L M & A Insurance Brokers & Consultants (Pvt) Ltd. 19. Lanka Orix Insurance Brokers Ltd. 20. M H Insurance Brokers (Pvt) Ltd. 21. Mackwoods Insurance Brokers (Private) Ltd. 22. Mark Lloyd & Co. (Pvt) Ltd. 23. Maxwell Enterprises Ltd. 24. MLL Insurance Brokers Ltd. 25. P & A Insurance Brokers (Pvt) Ltd. 26. Priority Asset Protection Insurance Brokers (Pvt) Ltd 27. Protection and Utmost Insurance Brokers (Pvt) Ltd. 28. Senaratne Associates Ltd. 29. Unique Insurance Brokers (Pvt.) Ltd. 30. United Insurance Brokers 31. Vanik Insurance Brokers (Pvt) Ltd. 32. Vertec Insurance Brokers (Pvt) Ltd. 33. Victor Emmanuel Insurance Brokers (Pvt) Ltd. 34. Visionwide Insurance Brokering & Financial Services (Pvt) Ltd. 35. Volanka Insurance Services (Pvt) Ltd. 36. Zenith Insurance Brokers (Pvt) Ltd. 2 B. The following who had licenses during certain years in the recent past did not seek renewal of their registration for the year 2002 : 1. Bright Insurance Brokering (Pvt) Ltd. 2. T & G Insurance Brokers (Pvt) Ltd. 3. Venture Insurance Brokers (Pvt) Ltd. 4. Imex Insurance Broking (Pvt) Ltd. Please note that there are a few other brokers who had ceased to operate in 2000/2001 and that the above list of 4 companies is not exhaustive. Dr. Dayanath C. Jayasuriya Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",22);arrFiles[123]=new Array(395,"insurance_legislations/ibsl_circular_5.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Special Foreign Currency Accounts Permitted to Registered Insurers to Collect Insurance Premia in Foreign Currency Circular #5 - 14th June 2002 - The Insurance Board is pleased to inform you that the Controller of Exchange has agreed to permit Insurers to hold more than one account for the purpose of maximising income on funds held in foreign currency accounts subject to adhering to the same terms and conditions stipulated in respect of the special foreign currency account already permitted. In the above circumstances you may apply to the Exchange Control Department to open the necessary additional foreign currency accounts. Kithsiri Gunawardena Director Legal & Enforcement For Director General L S A Seresinhe Officer-in-Charge Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[124]=new Array(396,"insurance_legislations/ibsl_circular_6.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations RO-PA Insurance Brokers (Pvt) Ltd Circular #6 - 01st July 2002 - Further to the IBSL circular No.04 dated 05th June 2002, we wish to inform you that RO-PA Insurance Brokers (Pvt) Ltd of 9A, Sri Dharmarama Road, Colombo 09 , has been registered under the Regulation of Insurance Industry Act No. 43 of 2000 to conduct general and long term insurance business for the year 2002. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[125]=new Array(397,"insurance_legislations/ibsl_circular_7.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Directors and employees liability insurance Circular #7 - 11th July 2002 - The Insurance Board of Sri Lanka hereby grants approval in terms of Section 101 of the Regulation of Insurance Industry Act No. 43 of 2000 to registered insurers to obtain, if they so desire, insurance cover for their directors and other employees from foreign insurers not registered under the above Act, in respect of liabilities arising from the discharge of their duties, provided that any proceeds on such covers payable to a resident party for any claim will be brought into the country in foreign currency. Dr. Dayanath C. Jayasuriya Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[126]=new Array(398,"insurance_legislations/ibsl_circular_8.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Order under Section 7 of the Regulation of Insurance Industry Act No. 43 of 2000 Circular #8 - 26th August 2002 - Please find enclosed herewith a copy of the Gazette Extraordinary No. 1244/5 dated 9th July 2002 , which permits the Insurance Board of Sri Lanka to charge and levy a cess on the annual net premium income of every insurer in terms of Section 7 of the Regulation of Insurance Industry Act No. 43 of 2000 at such rates published in the aforesaid Gazette. Dr. Dayanath C. Jayasuriya Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[127]=new Array(399,"insurance_legislations/ibsl_circular_9.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Procare Insurance Brokers (Pvt) Ltd Circular #9 - 29th August 2002 - Further to the IBSL circular No.04 dated 05th June 2002, we wish to inform you that Procare Insurance Brokers (Pvt) Ltd of No.44, Ward Place, Colombo 07, has been registered under the Regulation of Insurance Industry Act No. 43 of 2000 to conduct general and long term insurance business for the year 2002. Their business address is No. 138/1, Kynsey Road, Colombo 08. Dr. Dayanath C. Jayasuriya Director General Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[128]=new Array(400,"insurance_legislations/ibsl_determinations.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Determinations issued By the Insurance Board of Sri Lanka (These Determinations are updated as at 15th July 2005) Determination 1 - 30/10/2002 Section 25(1) The balance assets of the Technical Reserve and Long Term Insurance Fund of an insurer referred to in subsection (1) of section 25 shall be invested in the manner specified below, subject to the maximum percentages (as a % of the Technical Reserve or Long Term Insurance Fund) indicated against each class of assets: Listed shares Corporate debts, including bonds, debentures, Commercial Papers and other similar financial instruments, which are listed or backed by a guarantee issued by a licensed commercial bank or licensed specialised bank or rated as investment grade as per the Board guidelines Bank deposits with licensed commercial banks and licensed specialised banks Land and building (freehold or leasehold) Policy Loans (within the surrender value) Unit Trusts The maximum percentage (as a % of the Technical Reserve and Long Term Insurance Fund) that could be held in any single investment should not exceed the percentages indicated below: Listed shares in one company 5% (but not exceeding 5% of the issued shares of the company ) Corporate debts, including bonds, debentures, commercial papers and other similar financial instruments which are listed or backed by a guarantee issued by a licensed commercial bank or licensed specialised bank or rated as investment grade as per the Board guidelines 5% or 10% of the equity of the company whichever is lower Single building or secured mortgage (including the land value) 10% All debt guaranteed by the same bank 10% or 15% of the equity of the Bank whichever is lower All bank deposits with the same bank 10% or 15% of the equity of the Bank whichever is lower Any single unit trust 5% Investments in all related companies 5% The Board may permit investment in other types of assets, on a case-by-case basis, subject to any conditions that the Board may lay down. Determination 2 - 30/10/2002 Section 33 Proviso Where an insurer or any such person as is referred to in section 33 of the Act is a shareholder, director or employee of any company registered as a broker under this Act as on the date of registration, such insurer or person shall be required to dispose of such shares, or to relinquish such directorships or employment, as the case may be, within a period of two weeks from the date of registration. Determination 3 – 30/10/2002 Section 35 (b) The period for settlement of premia to be set at 60 days from the date on which the premium is payable. Determination 4 – 30/10/2002 Section 40 (3) (b) For the purpose of Section 40 (3) (b) the paid-up value of the policy shall be Rs. 5000/-. Determination 5 – 30/10/2002 Section 47 (2) Every insurer shall submit a copy of its annual audited accounts to the Board within a period of 6 months from the close of the financial year. Determination 6 – 30/10/2002 Section 48 (1) Every insurer shall, submit an abstract in terms of Section 48 (1) of the Act to the Board within a period of six months after the close of the financial year. Determination 7 - 30/10/2002 Section 81 (h) An applicant desiring to be registered as a general insurance and/or long-term insurance broker shall submit professional indemnity insurance policies for a total value of Rs 1.5 million from two or more registered insurers. Determination 8 – 30/10/2002 Section 83 (a) Section 85 (3) (b) The maximum amount of the professional indemnity policy of insurance shall be Rs.5 million for the purposes of Sections 83 (a) and 85 (3) (b). Determination 9 – 25/05/2005 (with effect from 15 15th th June 2005) (Determination No. 9 of 30/10/2002 is repealed and replaced by Determination No. 9 of 25/05/2005) Section 83 (c) The renewal fee shall be Rs 25,000/- per class of insurance business. Determination 10 – 30/10/2002 Section 88 For Long Term insurance business:- The maximum rate of commission that may be paid by an insurer to an insurance agent shall not exceed the percentages given below:- In respect of a non-single premium business- (that is regular premium business): POLICY YEAR MAXIMUM COMMISSION PAYABLE 1 30 % 2 20 % 3 15 % 4 10 % 5 5 % 6 to 10 5 % 11 - 0 % In respect of single premium business, three per centum of the single premium for policies with term equal to or less than three years, increasing by half a per centum of the single premium for each year by which the policy term exceeds three years, subject to a maximum of six per centum of the single premium. The maximum commission that may be paid by an insurer to an insurance broker shall not exceed the percentages given below:- In the first year, one hundred and thirty five per centum of the maximum first year commission payable to an insurance agent; and In the second and subsequent years, the maximum commission payable to an insurance agent as per the table shown above. For General Insurance Business:- No insurer shall pay or contract to pay to an insurance agent and no insurance agent shall receive or contract to receive, by way of commission or remuneration in any form on any policy of general insurance and effected through an insurance agent an amount exceeding: where the policy relates to fire, motor, miscellaneous and other non-marine classes of insurance, 15 per centum of premium payable on the policy; where the policy relates to marine insurance, 10 per centum of premium payable on the policy. No insurer shall pay or contract to pay to an insurance broker and no insurance broker shall receive or contract to receive, by way of commission or remuneration in any form on any policy of general insurance and effected through the broker an amount exceeding: where the policy relates to fire, motor, miscellaneous and other non-marine classes of insurance, 20 per centum of premium payable on the policy; where the policy relates to marine insurance, 15 per centum of premium payable on the policy. Determination 11 - 30/10/2002 Section 98 For the purpose of Section 98 the sum assured should not exceed Rs 5,000,000/-. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",32);arrFiles[129]=new Array(401,"insurance_legislations/ibsl_directives.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Directives issued By the Insurance Board of Sri Lanka Directive #01 - [ 14 October 2004 ] Insurance Advertisements Directive #02 - [ 04 January 2005 ] Claims in respect of damages to vehicles on 26th December 2004 Directive #03 - [ 04 August 2005 ] Media Advertisements and the Motor Traffic Act Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[130]=new Array(402,"insurance_legislations/ibsl_directives_1.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations IBSL - Directive #1 Insurance Advertisements - 14th October 2004 - The Insurance Board of Sri Lanka (IBSL) has viewed with concern the increasing number of complaints that insurance advertisements leave much to be desired and that some advertisements may not strictly be in conformity with the requirements of section 99 (1) of the RII Act. The IBSL hereby directs all CEOs of Insurance Companies to submit to the IBSL on or before 15/11/2004 a certificate signed by the CEO confirming that all current advertisements are in conformity with the aforementioned section of the RII Act. With regard to new advertisements on or after 15th November 2004, a certificate signed by the CEO must be sent to the IBSL confirming that the advertisement is in conformity with the abovementioned section. Dr D.C. Jayasuriya Chairman Insurance Board of Sri Lanka Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[131]=new Array(403,"insurance_legislations/ibsl_directives_2.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations IBSL - Directive #2 Claims in respect of damages to vehicles on 26th December 2004 - 04th January 2005 - Inasmuch as Earthquake Cover is not available for vehicles in Sri Lanka, the Insurance Board of Sri Lanka hereby directs all Insurance Companies to honour claims in respect of vehicles which have Flood Cover. Dr D.C. Jayasuriya Chairman Insurance Board of Sri Lanka Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[132]=new Array(404,"insurance_legislations/ibsl_directives_3.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations IBSL - Directive #3 Media Advertisements and the Motor Traffic Act - 04th August 2005 - Section 161 of the Motor Traffic Act requires that any accident due to the use of any motor vehicle on a highway causing injury to any person, animal or property to be reported forthwith to the nearest police station. Please ensure that in your advertisements you do not specify anything to the contrary or anything that would result in non-compliance with the above statutory requirement. Dr D.C. Jayasuriya Chairman Insurance Board of Sri Lanka Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[133]=new Array(409,"insurance_legislations/insurance_legislations.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Insurance Legislations Insurance Legislations 1. Regulation of Insurance Industry Act, No. 43 of 2000 2. Rules (a) Insurance Agent Qualification Rules, 2002 (Gazette No. 1255/3- September 23, 2002) (b) Insurance Agent Qualification (Amendment) Rule, 2004 (Gazette No. 1341/8- May 17, 2004) (c) Solvency Margin (General Insurance) Rules, 2004 (Gazette No. 1341/8 - May 17, 2004) (d) Solvency Margin (Long Term Insurance) Rules, 2002 (Gazette No. 1255/12 - September 24, 2002) (e) Insurance Board of Sri Lanka Rules, 2005 (Gazette No. 1412/30 - September 29, 2005) 3. Regulations (a) Control of Insurance (Miscellaneous Provisions) Regulations 1987 (Gazette No. 610/4 - May 15,1990) (b) Insurance Board Regulations, 2005 (Gazette No. 1414/19 - October 12, 2005) 4. Order made by the Minister (Gazette No. 1244/5 - July 09, 2002) 5. Determinations, Directives & Circulars (a) Determinations made by the Insurance Board of Sri Lanka (b) Directives issued By the Insurance Board of Sri Lanka (c) Circulars issued by the Insurance Board of Sri Lanka 6 . Statement of Recommended Accounting Practice (SORP) - Insurance Contracts 7. Others (a) Terms and Conditions to be complied with by Insurance Companies under section 31 (1) of the Regulation of Insurance Industry Act. (b) Conditions pertaining to Co - Insurance Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",25);arrFiles[134]=new Array(416,"insurance_legislations/_vti_cnf/insurance_legislations.htm","1 Jan 2007","insurance_legislations.htm","","","",1);arrFiles[135]=new Array(417,"notices_guidelines/abolition_tariff_on_workmens.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Lost Adjusters ABOLITION OF TARIFF ON WORKMEN’S COMPENSATION INSURANCE ISSUED IN THE PUBLIC INTEREST The Insurance Board of Sri Lanka has decided that the tariff on Workmen’s Compensation Insurance which had been in existence for many decades, will not apply with effect from 1st January 2007 enabling insurers to offer competitive packages and negotiate with their clients mutually acceptable terms, conditions and rates. It is the responsibility of the public to ensure that the risks covered under Workmen’s Compensation Insurance Policy obtained by them from registered insurers satisfy their needs and that the terms and conditions stated in the policy are acceptable to them. Policy holders should be aware of any restrictions, limitations or deductibles that may apply. The public could contact the Insurance Board of Sri Lanka for any clarifications in this regard. Director General Insurance Board of Sri Lanka Level 7-2, East Tower World Trade Center, Colombo 1 Tel. 94-011-2396184-89 Fax: 94-011-2396190 E-mail: ibosl@sri.lanka.net Web Site: www.ibsl.gov.lk Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[136]=new Array(419,"notices_guidelines/health_insurance_policy.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Lost Adjusters Health Insurance Policy Data pending for this page. Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",17);arrFiles[137]=new Array(421,"notices_guidelines/notices_guidelines.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Notices and Guidelines Notices & Guidelines Notices 10-12-2006 Abolition of tariff on workmen’s compensation insurance 02-03-2006 Registered Insurance Brokers 01-07-2005 Registered Insurance Brokers 04-07-2005 Notice of Annual Returns year 2002 Abolition of Tariff on Motor Insurance year 2002 Notice Issued in the Public Interest Guidelines 10-11-2006 Guidelines on Anti Money Laundering programme for Insurers/Brokers Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[138]=new Array(422,"notices_guidelines/notice_abolition_of_tariff.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Lost Adjusters Abolition of tariff on motor insurance As was mentioned in the previous notice that was published on 27th August 2001 the tariff restrictions on motor insurance which had been in existence for many decades, will be lifted with effect from 1st January 2002 enabling insurers to offer competitive packages and negotiate with their clients mutually acceptable terms, conditions and rates. It is the responsibility of the public to ensure that the risks covered under the motor insurance policy obtained by them from the insurers satisfy their needs and the terms and conditions stated in the policy are acceptable to them. The policy holders should be aware of any restrictions, limitations or deductibles that may apply in respect of the policy. The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[139]=new Array(425,"notices_guidelines/notice_public_interest.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Licensing Guide > Lost Adjusters Issued in the Public Interest In terms of the provisions of Regulation of Insurance Act no. 43 of 2000 no person could function as an insurance broker without being a member of an association of insurance brokers approved by the Insurance Board of Sri Lanka. The Insurance Board of Sri Lanka has approved the Sri Lanka Insurance Brokers Association as an approved Association of Insurance Brokers in terms of section 79 of the above Act. The contact details of the Sri Lanka Insurance Brokers Association as follows: Sri Lanka Insurance Brokers Association 90, Union Place, Colombo 2. Tel: 573047 Fax: 573048 The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[140]=new Array(427,"notices_guidelines/_vti_cnf/notices_guidelines.htm","1 Jan 2007","notices_guidelines.htm","","","",1);arrFiles[141]=new Array(428,"press_releases/DRAFTSOUTH_ASIAN_INSCONSTITUTION.doc","18 Sep 2006","DRAFTSOUTH_ASIAN_INSCONSTITUTION","","","                      [pic]                THE SOUTH ASIAN INSURANCE            REGULATORS \' FORUM                CONSTITUTION     1. NAME    The name of the organization  shall  be   The  South  Asian  Insurance    Regulators \' Forum  (hereinafter referred to as  the Forum ).  2.  OBJECTIVES AND PURPOSES    The objectives of the Forum shall be  to  promote  co-operation  among    South Asian Insurance Regulators to facilitate regulatory  activities;    the sharing of information and experiences; and the  harmonization  of    legislative approaches and financial reporting systems, to the  extent    feasible, and in the process    a)  to  provide  technical  expertise  for  capacity-building within    regulatory agencies and the industry;    b)  to develop and publish guidelines, manuals, codes of  conduct  and    other  publications  on current and emerging insurance-related    regulatory issues; and    c)  to  liaise  with  the  International  Association of Insurance    Supervisors and other international, inter-governmental  and  regional    organisations dealing with insurance-related or trade issues.  3.  MEMBERSHIP    a) The membership of the Forum shall consist of the following:      i) Those regulatory agencies attending the  first  meeting  of       the Forum held in Colombo in  December  2001  and  who  are       signatories to this text; and       ii) Those regulatory  agencies  seeking  membership  and  which       agree to subscribe to this Constitution and are admitted by       the Assembly.    b) In considering applications for membership the  Assembly  should     ensure  that  the  applicant  regulatory  agency  is  officially     recognized by the law of that country.    c) Members shall undertake to:      i) abide by the Constitution;       ii) support the work plan of the Forum; and      iii) pay such subscription fee as fixed from time to time by the       Assembly.      a)   A member body may withdraw from the Forum by giving  three     months notice in writing to the Chairman of the Forum.  4.  GOVERNING BODY    a) The Governing Body of the Forum shall be the Assembly.    b)  The Assembly shall consist of one representative designated from     each member body who shall have authority to vote on  behalf  of     the member he represents, on matters before the  Assembly.  Each     designated representative may be accompanied at the meetings  of     the Assembly by one or more delegates who shall have no right to     vote.      c) The  Assembly  shall  have  authority  to  take  all  steps     necessary to  further  the  objectives  of  the  Forum.  Without     detracting from the generality of its powers, the Assembly shall     inter alia:      i) determine the timing,  venue  and  host  body(ies)  of  the       regional Conferences;       ii) determine the financial contributions to be  made  by  each       member body and the purposes for which  such  contributions       may be used;      iii) admit or reject applications for membership of the Forum;       iv) receive reports and audited accounts of the Forum;      v) appoint such committees as it may deem proper for  carrying       out such assignments as it may determine;       vi) appoint auditors and fix their remuneration;      vii) establish rules of procedure consistent with the provisions       of the Constitution;     viii) accept the resignation of a member body;       ix) distribute annual reports and audited  accounts  to  member       bodies;      x) maintain accounts from subscriptions and any other receipts       accepted by the Forum; and       xi) carry out such amendments to the Constitution,  as  it  may       consider necessary.  5.  ORDINARY MEETINGS    A meeting of the Assembly  shall  be  held  at  least  once  in  every    calendar year.  6.  SPECIAL MEETINGS    Special meetings of the Assembly shall be held at a time and place  to    be decided by the Chairman on a written demand of not less  than  one-    half of the member bodies, stating the purpose of the meeting.   7. QUORUM    The Assembly shall not take action on matters coming before it  unless    at least one-half of the members eligible to vote are present  at  the    meeting. If less than half the members are represented at a meeting of    the Assembly, the meeting shall stand adjourned. On the date to  which    the meeting is adjourned, the meeting shall proceed  to  transact  the    business notwithstanding the fact that there may be less than one-half    of the member bodies present.   8. VOTE    a)  Each member body shall have one vote.    b) Decisions of the Assembly shall be taken by a simple majority of     those present and voting. Voting shall  be  by  show  of  hands,     unless a poll is requested.  9.  POSTAL BALLOT    Except for amendments to the Constitution,  a  postal  ballot  may  be    taken when so authorized by the Chairman. A decision  shall  be  taken    based on the majority of those voting within the  specified  deadline.    Votes received after the deadline shall not be counted.  10. NOTICE OF MEETINGS    a)  A notice of not less than two  months  shall  be  given  for  an     ordinary meeting of the Assembly and shall be accompanied  by  a     statement of business to be transacted. A member body may have a     matter included on the agenda of an ordinary meeting, provided a     request for such inclusion is received one month in  advance  of     the meeting.    b)   No business other than that included in the agenda for the     ordinary meeting shall be transacted at such meeting except with     the consent of the Chairman.    c)   A notice of not less than two weeks shall be required  for     convening a  special  meeting  of  the  Assembly  and  no  other     business shall be transacted at the meeting except the  business     for which the Assembly is specially convened.  11. CHAIRMAN OF MEETINGS    All Ordinary or Special Meetings of the Assembly shall be  chaired  by    the Chairman. In his absence,  the  Vice-Chairman  designated  as  the    Chairman for the next calendar year shall act as the Acting  Chairman.    In the absence of both, the Assembly may elect any other Vice-Chairman    to assume the Chairmanship of the Meeting.  12. CHAIRMAN    a) The  meeting of the Assembly shall  annually  elect  a  Chairman     from among the representatives  of  the  member  bodies  of  the     Forum. He shall hold office till a new Chairman  is  elected  at     the Ordinary Meeting of the Assembly. The term of office of  the     Chairman shall be  one  calendar  year,  without  the  right  of     succession.    b) The Chairman shall be the Chief Executive Officer of the Forum.  13. DUTIES OF THE CHAIRMAN    The Chairman shall have authority to:      i) give notice of and organize ordinary and  special  meetings       of the Assembly and determine the agenda;       ii) prepare the annual report of the Forum;      iii) arrange the preparation  of  the  annual  accounts  of  the       Forum;       iv) preside over meetings of the Assembly;     v)  prepare the annual work plan of the Forum; and     vi) carry out such other duties as may be assigned to  him  by     the Assembly.    14. VICE-CHAIRMEN     The  meeting  of  the  Assembly  shall  elect  as Vice-Chairmen a    representative from each of the member bodies of the Forum.  One  such    Vice Chairman shall  be  designated  as  the  Chairman  for  the  next    calendar year. In the  absence  of  the  Chairman,  the  Vice-Chairman    designated by the Assembly to be the Chairman  at  the  next  calendar    year shall perform  all  such  functions  as  have  been  specifically    assigned to the Chairman and such other functions as may  be  assigned    to him by the Assembly.  15. CASUAL VACANCY    If a casual vacancy arises in the case of the office of the  Chairman,    the Vice-Chairman designated as the Chairman  for  the  next  calendar    year shall take over as the Chairman and shall hold the office for the    remaining term. He shall  also  be  eligible  to  be  elected  as  the    Chairman for the immediately succeeding term.  16. GENERAL     The  Forum  shall  maintain close co-ordination with relevant    international  regulatory  bodies  and  shall  obtain,  if feasible,    membership of such  bodies  either  as  a  regular  member  or  as  an    observer.  17. AMENDMENTS TO THE CONSTITUTION    Amendments to the Constitution shall require the  approval  of  three-    fourths of the member bodies of the Forum and shall not be carried out    except at a meeting of the Assembly, provided  that  a  representative    who is unable to attend the meeting may vote through a postal ballot.    18. TRANSITIONAL PROVISIONS    a)  The undersigned representatives  of  the  Member  Bodies  hereby     collectively agree to establish and maintain the said Forum with     the objectives, powers, membership and obligations of membership     set out herein, subject however to the right of any Member  Body     to request any amendment or to make any reservation within three     months from the date hereof. In the event of a  request  for  an     amendment or reservation, the Forum shall  function  subject  to     such reservation or the adoption of the amendment  at  the  next     meeting of the Forum.    b) Until the next annual  meeting  of  the  Forum  the  undersigned     representatives elect the representative of the Member  Body  of     Sri Lanka as the  first  Chairman,  the  representative  of  the     Member Body of India as  the  Vice-Chairman  designated  as  the     Chairman for the next calendar year and the  representatives  of     the other Member Bodies as the other Vice Chairmen.      Signed this Twentieth Day of December 2001 at Colombo    ...............      ...............  Dayanath C Jayasuriya       N Rangachary  INSURANCE BOARD OF        INSURANCE REGULATORY  SRI LANKA         AND DEVELOPMENT AUTHORITY INDIA    ..............     ..............  Dechen Tshering       Prafulla Kumar Kafle  ROYAL MONETARY        BEEMA SAMITI  AUTHORITY OF BHUTAN     (INSURANCE BOARD) NEPAL    ",187);arrFiles[142]=new Array(429,"press_releases/fire_tariff.pdf","18 Sep 2006","With the advent of July 1983 riots, the Riot & Strike Rating schedule of the Fire Tariff was increased to 300% of the basic ra","","","FIRE TARIFF    Table of Contents  Historical Background ............................................................. 3 The Current Situation .............................................................. 5 Advantages of maintaining a Fire Tariff...................................7 Advantages of De-tariffing.......................................................8    Historical Background  A Fire Tariff was introduced in the early 1920 \'s based on the statistics available and physical features of the risks at that time.    It continued in the same fashion until early 1950 \'s where minor revisions were made with new risk classifications and changes in the physical hazard.    This same Tariff was used when Act No.2 of 1961 nationalized General Insurance in 1964 with the establishment of Insurance Corporation of Sri Lanka.    The Tariff depicted basic rates for each class of risk and sub-divided into 04 categories based on the type of construction. There was a 20% loading on the basic rate, if the risks were located outside Colombo and Kandy Municipal limits. This was to take into account the Fire Brigade facilities available in the Colombo and Kandy Municipal areas.    It was felt that the basic rates were on the high side, as the tabulation was based on the risk characteristics that prevailed in the 1920 \'s and 1950 \'s. Further, technological changes, changes in the moral hazards and physical hazards, the Insurance Corporation decided in consultations with the Fire, Rating Committee to grant 5% and 10% discounts on the basic fire rates. The latter discount of 10% was not allowed for stocks insured on declaration basis.    In addition to the basic rates on fire, the Tariff also detailed the minimum rates to be charged in respect of Riot & Strike, Malicious Damage, Explosion, Cyclone, Storm and Tempest, Flood Damage, Earthquake, Impact Damage, Aircraft Damage, Electrical Extra and Bursting and Overflowing of Water Tanks, Apparatus or Pipes. Other than for few additional perils, such as, Malicious Damage, Impact Damage and Electrical Extra, the Fire Tariff spelt- out differential rates on other additional perils, based on the situation of the property insured, nature of the property insured and type of cover required.    In addition, the rating schedule also indicated the compulsory warranties that must be applied for the rate in question. There were loading on the premium if the warranties cannot be complied with by the client and in some instances, the risk was not acceptable by the insurers. There are 44 warranties.    There was a separate rating schedule for tea factories with warranties meticulously drafted to highlight the risks, which the tea factories were exposed to.    The same Fire Tariff was used even after establishing an independent insurer, i.e. National Insurance Corporation in March 1980. At that time, both Corporations religiously followed the Tariff. The two Corporation \'s officials would discuss and come into a consensus if there was any variation in the Fire Tariff, such as discounts, special rating etc. These were addendums to the existing Fire Tariff and there was no violation by either party . With the advent of July 1983 riots, the Riot & Strike Rating schedule of the Fire Tariff was increased to 300% of the basic rate during the period July - October 1983. As these rates were on the high side, such rates were reduced by 50% in October 1983 and currently, the same rates are supposed to be in use i.e. a 50% loading on the basic Riot & Strike rate.    The Fire Tariff survived in the first 4 -5 years since privatisation of insurance by Act of Parliament in 1986.    In the mid 1990 \'s due to stagnant economic situation in the country , competition to acquire new accounts by the private sector and retention of their accounts by the two Government Corporations, market penetration, recruitment of sales force, there was severe pressure on the fire rates. The competition was very much focused on the price (premium) rather than other service factors, as the fire insurance Terms and Conditions was uniformed in the market. As the fire portfolio was considered profitable and as most companies wanted to show turnover / growth, there was wide spread discounting.    Currently, although the Fire Tariff is still used, there is more violation of the Tariff than complying with it.    This deterioration in the rating structure was mainly caused by the unwillingness of the Insurance Association of Sri Lanka (IASL) or the inability of the IASL due to non-unanimity among the insurers.    When violations were detected and brought to the notice of the members of the Fire Technical Sub Committee and reported to the IASL, IASL did not take these issues seriously and no members / companies were reprimanded.    The violation of the Tariff was more of a rule rather than an exception in the late 1990 \'s.    A committee was formed to look into the Fire Tariff with specific instructions to collate and streamline the rates rather than to revise/modify the Tariff. Mr. S I    Fernando chaired the committee. The committee forwarded a report depicting the same rating structure and same warranties, but consolidating the current rate i.e. + 20% -5% -10% to. a two digit percentage and incorporating some of the special rates that have been decided upon by the Fire Technical Committee.  Although, the effort of this committee is commendable, the irony is that this report never saw daylight. The proper terms of reference for this committee should have been to collate data and revise the Tariff taking into account the current processes, technological advancements, risk exposures, high sum , insured, moral hazards and other physical hazards. Apart from the current rates being too high, the committee should have reviewed and re-looked at the rates and come-up with a workable Tariff which all members would have complied with.  The Current Situation   Although, there is a comprehensive Fire Tariff, it is rarely followed. The Tariff does not apply for risks above Rs.300Million in anyone location. The Tariff does not apply in respect of Board Of Investment (BOI) approved projects. Insurers are lenient with regard to Section 17(21 in respect of BOI approved projects. Some BOI approved projects do not enjoy all the facilities offered to BOI enterprises, such as hard currency account and facility to insure with overseas insurance companies.      Insurers grant various discounts for Fire Extinguishing Appliances (FEA) and others in order to  \'win  the account or to  match  a competitor \'s quotation / business.    Discounts are offered for superior construction without proper evaluation of the construction details as detailed under the existing Tariff.    Some insurers add various locations to make the sum insured more than Rs. 300 million in order to avoid applying the Tariff rates.    Some insurers add the sum insured under the Business Interruption Policy to the Fire Material Damage Policy, so that they do not have to charge Fire Tariff rates, when the total sum insured exceeds Rs.300 million.    When the declared sum insured is more than Rs. 200 million but less than Rs.300 million, some insurers and intermediaries advice the client to enhance the sum    insured or they themselves increase the sum insured, so that the Fire Tariff rates need not be charged.  In order to match competitor \'s quotations, insurers take no heed of the basic rate given in the Fire Tariff. Unfortunately, the IASL has allowed this  matching  of premium if sufficient or reasonable proof can be given.    Many insurers do not charge the correct SRCC rate in respect of Shops and other risks, which require higher SRCC rates.    There are various first loss covers granted currently. Under the market agreement, first loss cover was available for buildings insured in respect of Cyclone, Strom, Tempest and Flood only. Now this has been extended to other perils, such as Electrical Extra, Impact Damage, Bursting and Overflowing of Water Tanks, Apparatus or Pipes and Earthquake Damages without a market agreement.    Tea factory rating is now defunct. All the risks are rated at the lowest rate with no consideration to the warranties. Further, an inspection is not carried-out to determine the warranties applicable or the correct rate to be charged-    There is no proper method of arriving at the fire rate of premium for the BOI approved enterprises. Many insurers charge a flat rate of 0.04% for all perils irrespective of occupation, location or the risks associated with the surrounding property, thereby violating a fundamental principle of equitability of premium vis-8.vis risk.    Some insurers do not use warranties or do not apply the compulsory warranties as specified by the Tariff.    In order to win the business or match a competitor \'s quotation, the underwriter do not take into consideration the occupation, the exposure from the surrounding areas, the process involved, value at risk, the fire extinguish appliances and other physical and moral hazards. In most cases, insurers reduce the existing premium to attract the account into their books.    Although the current Law indicates the maximum commission payable to an Agent or a Broker, some insurers offer higher commission to an Individual or an Institution, who is not an Agent or a Broker .    Even the special rates that have been established by the Fire Technical Committee are not adhered to.    Tariff rates in respect of fire additional perils too are not followed.    The Fire Tariff also indicates that certain additional perils could be granted with a certain minimum deductible. Some insurers do not impose an excess on some of the additional perils.   Some insurers do not apply the outstation surcharge of 20% on outstation risksStock Declaration Policies are issued on values below the recommended/ agreed minimum sum insured.    Without charging the correct rates for additional perils, some insurers package the rate in order to be competitive in the market.    The minimum rate 0.0125% or V4 of the special rate whichever is higher, which is considered the Riot & Strike component under the specially rated policies as directed by the SRCC & TC Fund, is not followed.    There is no justification to charge such a lower rate, which is lower than the rate given in the Riot & Strike rating schedule.    The insurers have been instructed by the Fund to charge the correct SRCC premium and remit same to the Government Fund. Some insurers do not charge the correct Tariff SRCC premium.  Advantages of maintaining a Fire Tariff  The Fire Tariff is a comprehensive document which includes, in addition to rates, special rating rules, short period rates, standard form of policy , special conditions, conditions relating to additional perils and extensions, warranties, FEA rules, rules relating to breaches, construction and classifications.    The Tariff gives the minimum rates that should be applied and the underwriter has the discretion of charging a higher rate if physical characteristics of the risk proposed for insurance dictates.    All fire underwriters have been trained to underwrite with a Tariff, which gave them the best exposure to proper underwriting.    In the absence of reliable market statistics to underwrite, it is impossible to underwrite without a Fire Tariff-    The Tariff could also be used as a Training Manual.    The Reinsurance contracts/Treaties take into consideration that there is a Fire Tariff applicable to the market.    Most of the underdeveloped and developing countries use a Fire Tariff, as the insurance market is not developed in such countries.    As the Fire Insurance is an important class in general insurance business, maintaining a Tariff would ensure solvency , no room for unethical practices of discounting, healthy relationship with the Reinsurers, safeguarding the interest of the policyholder and ensuring long term survival of the insurance companies.    With uniformed wordings, scope of cover and rating, the market as a whole can maintain useful statistics (including claim statistics) and changes either in the scope or rate could be effectively and scientifically done. The regulators and the insurers should agree on the type of statistics to be maintained.    With proper supervision and monitoring, retaining the Tariff would be the ideal situation to Sri Lanka \'s insurance market.    Due to the current competitive nature of the industry, the fire portfolio has a cushioning effect in the clients portfolio due to the unpredictable nature of other classes of businesses namely, Medical, Motor and All Risks-    With the current hardening of the reinsurance market, withdrawing the Tariff would work against the stability of the market because of wrong rating and terms. The Reinsurers also would not favour Sri Lanka and would ultimately lead to further hardening-    Some countries in the Asia i.e. India, Malaysia and Hongkong have continued to maintain a Tariff Insurance Market-    Insolvency of a insurer is rare in a Tariff environment.  Advantages of De-tariffing   Competition will drive the rates down, which will ultimately benefit the client. The present Tariff is partly out dated and is not compatible with current businesses and processes.    Warranties, which are inappropriate can be withdrawn.    By withdrawing the Tariff, the market could develop new policies with wider coverage.    The fire underwriting would come into a sharp focus rather than  referring the book .    As there are more violations of the Fire Tariff than complying with it, the insurers would start maintaining statistics and the rating structure would be much more stable. However, each insurer would have differential rating system rather than a uniformed rate for any particular class of risk.  In conclusion, we are of the opinion that as the fire underwriters have not developed and due to hardening of the reinsurance market, this is not the proper time to withdraw the Tariff. If a decision is made to maintain the Fire Tariff, a set of experts should be assigned to re-look at the entire Tariff to bring it up to the current days exposures and risk factors. However, this decision will have to be backed by proper statistics maintained in a uniformed manner across the market for at least three years. With proper monitoring tools and supervision of the fire portfolio by the regulators to safeguard the interest of the policyholders and long-term viability of the insurance companies, the Fire tariff could be withdrawn. Be it under tariff or otherwise, the Insurance Industry, through the IBSL and lor IASL, has to monitor and closely supervise the insurers so that no insurer would be insolvent.  Ainsley J Alles Surekha Alles  12th December 2001      ",41);arrFiles[143]=new Array(430,"press_releases/press_releases.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Press Releases 10-Dec-2006 Response to the two complaints by the IBSL. 12-Nov-2006 Two complaints which appeared in Sunday Times on 12th November 2006. 12-Nov-2006 What you should know about Insurance. Email: ibosl@sri.lanka.net Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[144]=new Array(431,"press_releases/pr_complaints.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Two complaints which appeared in Sunday Times on 12th November 2006 What you need to know about insurance Life Assurance Schemes or Assurance Scams? What has been expressed in response to my article in the Sunday Times FT is the perfect text book representation of Life Assurance, and this is exactly what is being taught. Consequently, what has been written is theoretically, free from errors, which the writer (Haris Salpitikorala) and those experts whose livelihood depend on it believe, but what I evinced and conveyed is the practical aspect of the Life Assurance business that is being carried out here. In other words, what actually happens in practice was what was accentuated and emphasized in my article. In addition to the plight of the mother which was published my earlier article, I will give you two very recent cases regarding the Surrender Value component which the writer is trying to downplay. I am also forwarding the documentary evidence in this regard to the media concerned. Case No.1 This is the case of widows, whose sons are now married and have no known source of income for her to continue the payment of her life policy. She paid a premium at the rate of Rs. 1,518 per month for 40 months without a break. The total amount she had paid as premium was Rs. 60,720. She, therefore, wanted to surrender the policy at this juncture. The insurance company offers her Rs 7,974 as a surrender value. Case No.2 Here is a case of a gentleman who lost employment because the institution he was attached to closed down and he too did not have any steady source of income to continue payment of his life policy. He too had paid a premium at the rate of Rs 1,778 month upto July 2006 (final date of premium) - totaling a sum of Rs 85,344. He too wanted to surrender the policy. The said insurance company offers him a sum of Rs 6,097 by way of surrender value. And both these policies were sold giving the policyholders the impression that their medical bills would be settled. When I made representations on their behalf and intimated to them that there had not been a single medical claim - this is what they wrote to me Dear Mr Nazim - I think one should not confuse charity with insurance. Le me remind you that had there been a claim on any one of the policies after a single premium was paid the full sum assured would have been paid. I do not understand your statement that not a single claims has been made. The statement clearly proves that the policyholders had been duped into believing that their medical bills would be settled or the insurance company did not know what it covers under its life assurance policy. Please tell me who is going to hold a life insurance - umbrella to these two unfortunate people? You be the judge. If you (the public) are so gullible and naive and want to be chiseled out of your hard earned money. I can do nothing about it. However, it is my intention that in the midst of squabbles and bickering, the main purpose of my article should not be lost. The attention from the real issue should not be diverted. This is a national issue, where the ordinary man on the street, not the insurance expert, is confronted with. It is my sincere hope and desire that the regulatory body being the IBSL, which already functions efficiently, takes the necessary steps to look into some of the general state of things and the combination of various circumstances at a given time, spelt out in my original article, which the public is facing and take the necessary steps to minimize or eradicate them altogether at the same time bringing it to the notice for the public for their protection against damage and injury as well as their guidance. <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",21);arrFiles[145]=new Array(432,"press_releases/pr_denis_perera.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Lt. Gen. Denis Perera (Chairman) Lt. Gen. Denis Perera has been appointed as Chairman of the Securities and Exchange Commission of Sri Lanka and the Insurance Board of Sri Lanka by the Hon. Minister of Finance. Lt. Gen. Denis Perera joined the Sri Lanka Army in 1952 where he served in various regimental and staff appointments and in 1957 he was selected to attend a post graduate course at the Royal College of Military Engineering in UK. In 1961 he qualified to attend the British Army \'s Staff College from which he graduated. Some of the subsequent appointments he held includes 3 years as Military Adviser to Sri Lanka \'s High Commission in London; 4 years as Commandant of the Army \'s Training Centre Diytalawa and Commander of the Army \'s Southern Command. In October 1977, at the age of 47 years Lt. Gen. Denis Perera was appointed Commander of the Sri Lanka Army. He was the first Sandhurst trained officer and first Engineer officer to hold this post. When Honours and Awards were introduced to the Sri Lanka Armed Forces in 1980, Lt. Gen. Denis Perera was the first officer to be decorated with the Vishista Seva Vibushana (VSV) by H.E. the President for exceptional, distinguished and loyal service to the Nation. He retired from service at the age of 51 years after 32 years in the Army on completion of his statutory tenure of command. Thereafter, Lt. Gen. Denis Perera was appointed High Commissioner for Sri Lanka to the South Pacific Regions with residence in Canberra. He returned to Sri Lanka in 1986 and H.E. the President appointed him to Chair a Committee of Service Commanders, the IGP and others to plan for National Service and advice on Manpower Mobilization. In 1989 he relinquished his public appointments and joined the private sector where he held the following positions: Chairman and Chief Executive of Blackwood Hodge (Ceylon) Limited Non-Executive Chairman, G.T.E. Directories Lanka (Pte) Limited Non-Executive Chairman, B.I.P. Associates Non-Executive B.H. Securities (Pvt) Limited Non-Executive Member of the Board of Directors of Ceylon Tobacco Co., Ltd., and CTC Trading. In 1997 Lt. Gen. Denis Perera was appointed Chairman of Ceylon Tobacco Co., Limited. Non-Executive Chairman of Comserve (Pte) Limited. Lt. Gen. Denis Perera had his secondary education at St. Peter \'s College where he matriculated was a Prefect and a School Cadet. He represented the school at Rugby, Athletics, Tennis and Rifle Shooting. In January 1991 at its first convocation, the General Sir John Kotelawala Defence Academy conferred on Lt. Gen. Denis Perera the honorary degree of Doctor of Letters for services rendered towards the National Security of Sri Lanka and for initiating and establishing the General Sir John Kotelawala Defence Academy. He is currently a Vice President of the Organization of Professional Association (OPA) and was appointed by the Government of Sri Lanka to the Defence Review Committee in which he functions. His association with the Institute of British Management goes back to 1963 when he was accepted as an Associate Member (AMBIM). In 1975 he was awarded Membership (MBIM) and in 1980 was designated a Fellow (FBIM). In 1958 Lt. Gen. Denis Perera married Ranjini Perera and they have three sons. …………………………… Officer-in-Charge. <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",21);arrFiles[146]=new Array(433,"press_releases/pr_insurance_agents.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Insurance Agents In terms of the Regulation of Insurance Industry Act No. 43 of 2000 only an individual can function as an agent Having examined various representations made in this regard and the systems in selected countries, the Insurance Board of Sri Lanka (IBSL) is currently considering the feasibility of broadening the category by permitting either a person or a licensed bank to function as an agent. The IBSL wishes to solicit observations/comments / views of Insurers, Insurance Brokers, Agents, policy-holders and the public with regard to the desirability of such an amendment. Comments may be sent to the IBSL Secretariat on or before 13 August 2001. The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[147]=new Array(434,"press_releases/pr_latest.jpg","18 Sep 2006","pr_latest.jpg","","","",111);arrFiles[148]=new Array(435,"press_releases/pr_proposal_on_the_revision.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Proposal on The Revision of Employer \'s Liability/Workmen \'s Compensation Insurance Tariff The prevailing tariff structure with regard to employer’s liability/workmen’s compensation insurance is to be reviewed by the Insurance Board of Sri Lanka (IBSL). After a review of the present status in Sri Lanka, the IBSL wishes to solicit the views of insurers, brokers, agents, policy-holders and potential policy-holders, on the feasibility of permitting insurance companies to offer suitable employer’s liability/workmen’s compensation packages at competitive prices. The IBSL’s current thinking is based, among other considerations on the need for greater competition leading to better services and to eliminate unhealthy practices that lead to non-compliance with mandatory tariff structures. Comments may be sent to the IBSL Secretariat on or before 18 September 2002. The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net appointed Chairman of the Insurance Board of Sri Lanka <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[149]=new Array(436,"press_releases/pr_respond.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Response to the two complaints by the IBSL appeared in Sunday Times on 10th December 2006 The Insurance Board of Sri Lanka has obtained the details of the two cases sited by Mr. M.Z.M Nizam in the article captioned “Assurance Schemes or Assurance Scams?” in the Financial Times dated 12th November 2006 and would wish to clarify as follows: Both these cases pertain to Endowment contracts for a sum assured of Rs. 50,000/- each. An Endowment contract guarantees the payment of the sum assured on survival of the policyholder to the date of maturity or failing which on earlier death. Due to the guaranteed maturity value under the contract, an Endowment plan will accumulate a cash surrender value from the completion of the third year onwards. The facts pertaining to the cases are as follows: Case 1 The premium break down for the contract Monthly premium for Basic Endowment Contract for Rs. 50,000 Rs. 381/- Monthly premium for other optional riders taken Rs. 1,137/- Optional rider covers had been obtained for the following protection benefits Additional Life cover Rs. 250,000 Total Permanent disability cover Rs. 500,000/- Additional cover for accidental death Rs. 100,000/- Partial Permanent disability cover Rs. 100,000 Hospitalisation & surgical benefits Rs. 100,000/- Although the monthly premium paid was Rs. 1,518/- , a substantial portion of the premium was paid towards the rider benefits which provided protection. The premiums paid for the rider benefits are to cover the risk taken by the insurer and will not be refundable in case of early surrender. The policy surrender value of Rs. 7,974 /- therefore should more correctly be compared with the monthly premium of Rs. 381/-. It should be also noted that this is an early surrender, resulting in a relatively low surrender value. Case 2 The premium break down for the contract Monthly premium for Basic Endowment Contract for Rs. 50,000 Rs. 305/- Monthly premium for other optional riders taken Rs. 1,473/- This contract too had rider benefits similar to Case 1. Here too, it is an early surrender value soon after the third policy year. The surrender value given of Rs. 6,097/- should be more correctly compared against the premium of Rs. 305/- per month for 40 months and not Rs. 1,778/- per month as suggested. <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",21);arrFiles[150]=new Array(437,"press_releases/pr_revision.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Revision of Motor Insurance Premium Rates Motor insurance was tariff based and the last revision of the motor tariff was done in 1989. As most of the insurance companies were incurring losses on motor insurance, the Insurance Association of Sri Lanka (IASL) appointed a Committee for the revision of the motor tariff based on the industry statistics on motor insurance business. The Committee submitted its Report on the Revision of Motor Tariff in 1995 to the Controller of Insurance requesting an overall upward revision of the premium rates by 18%. The Ministry of Finance appointed a Committee to study the Revision Report and the Committee after an in-depth study endorsed the recommendation in 1999. However, the motor tariff was not revised. After the establishment of the Insurance Board of Sri Lanka (IBSL) under the Regulation of Insurance Industry Act No.43 of 2000 with effect from 1st March 2001, the IASL requested the IBSL to revise the premium rates based on the Motor Tariff Revision Report of 1995. With a view to de-regulating the tariff on motor insurance, the IBSL called for representations from the public and other interested parties. Based on the representations made, the tariff on motor insurance was de-regulated with effect from 1st January 2002. Insurance companies raised the premium rates on motor insurance by approximately one third with effect from 1st August 2002. The IBSL intervened in this matter and pursuant to discussions with the IASL regarding the increase of the premium rates, Insurance Companies have now agreed to offer a lower tariff in respect of insurance of motor coaches. The IBSL and the IASL will be continuing their dialogue with a view to ensuring that the services being provided by insurers will increasingly be made more beneficial to policy-holders. Dr. Dayanath C Jayasuriya Director General 8th August 2002 The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",20);arrFiles[151]=new Array(438,"press_releases/pr_revision_of_the_tariff.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Revision of the Tariff on Fire Insurance The Insurance Board of Sri Lanka invites representations from interested parties on the revision of the tariff on fire insurance. One of the possible options with regard to which representations may be made is to remove the existing limits, thus permitting insurers to develop competitive packages. Representations should be forwarded to the IBSL on or before 31 January 2002. A paper on the subject prepared by the Insurance Association of Sri Lanka is available on the IBSL website. Requests for copies of the paper should be addressed to the IBSL. Click here to download Fire Tariff document (PDF Format) The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[152]=new Array(439,"press_releases/pr_south_asian_insurance.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases South Asian Insurance Regulators \' Forum - Constitution The Insurance Board of Sri Lanka invites representations from interested parties on the revision of the tariff on fire insurance. One of the possible options with regard to which representations may be made is to remove the existing limits, thus permitting insurers to develop competitive packages. Representations should be forwarded to the IBSL on or before 31 January 2002. A paper on the subject prepared by the Insurance Association of Sri Lanka is available on the IBSL website. Requests for copies of the paper should be addressed to the IBSL. Click here to download Fire Tariff document (PDF Format) The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",18);arrFiles[153]=new Array(440,"press_releases/pr_south_asian_regulators.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases Sri Lanka Selected to Lead South Asian Regulators \' Forum 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 The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[154]=new Array(441,"press_releases/pr_what_you_should_know_about_insurance.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases What you should know about Insurance - appeared in Sunday Times on 12th November 2006 The Insurance Board of Sri Lanka, the independent body set up by the Government to regulate the insurance sector, will be initiating a series of articles to provide information to the consumers to promote consumer understanding of the insurance system. This article gives information on the Insurance Industry in Sri Lanka, understanding life assurance, its importance, types of life assurance products offered to consumers and important facts in choosing a life assurance policy. The responsibilities mandated upon each participant of the insurance sector and matters relating to General Insurance Business will be dealt later in this series of articles. Insurance Industry in Sri Lanka: Sixteen (16) Insurance Companies (Insurers) registered with the Insurance Board of Sri Lanka (IBSL), are presently underwriting insurance business. Twelve of them are composite companies, three of them engage in General Insurance business and one company engages only in Long Term Insurance business. When a Company is registered to transact in both Long Term Insurance and General Insurance business, those companies are recognized as composite companies. Fifty-Four (54) companies are registered with the IBSL as insurance brokers and they engage in insurance broking business. Apart from traditional insurance policies, Insurance companies design various types of insurance products for the public. Insurance Companies and Insurance Broking Companies engage agents and in-house sales teams to sell these insurance products to the public. The Insurance Broking companies function as intermediaries for placing insurance business with the insurance companies. The Insurance Companies and Brokers appoint agents and they are required to maintain a register of agents on a continuous basis. The agents are not salaried employees. They are paid a commission for the business they bring to their companies. Insurance agent could work only for one insurance company or one broking company. The Board has mandated passing a pre-recruitment test for the agents. Passing this test is one of the pre-requisite for any person to function as an agent. The Sri Lanka Insurance Institute (SLII) has been authorized to conduct the pre-recruitment test on behalf of the Insurance Board. The Insurance Institute issues an identity card to every person who qualifies to practice as an insurance agent on passing of the pre-recruitment test. Any one interested in obtaining a Life Insurance Policy through an agent should first ensure that the person selling the policy carries an Identification Card authenticated by the SLII/Insurance Company or the Broking Company. Under the present law only individuals can function as agents. Regulation of the Insurance Industry in Sri Lanka: The Insurance Board of Sri Lanka was established with effect from 1st March 2001 as provided by the Regulation of Insurance Industry Act, No. 43 of 2000 for the purpose of development, supervision and regulation of the Insurance Industry of Sri Lanka. The object and responsibility of the Board is to ensure that insurance business in Sri Lanka is transacted with integrity and in a professional and prudent manner with a view to safeguarding the interests of the policyholders and potential policyholders. What is Life Assurance? Life Assurance is “a contract in which the insurance company agrees to pay a given sum on the happening of a particular event, contingent upon the duration of human life or pay the sum assured on maturity”. Though human life cannot be valued, a monetary sum could be determined based on the following: Duration of the policy and/or Age Gender Individual Risks of the Life to be insured Loss of income in the future years A person’s ability to pay premium The purpose for which a policy is sought Life Assurance has two components, i.e. a savings component and a risk component. Some may select to protect risks only while some may cover risk with a savings element. Life Assurance products provide a definite amount of money to the life assured or his/her dependants in case of death of the policyholder during the period or becomes disabled on account of an accident or sickness causing reduction/complete loss in his/her income earnings whilst the policy is in force. An individual can also provide for his/her old age when he/she ceases to earn and has no other means of income through purchasing an annuity. What are basic types of Life Assurance Products? The basic Life Assurance products, which offer protection with savings, are as follows: Pure Endowment product is one in which benefits are payable on a specified date if the life assured survives at that time. If the person whose life is assured died before that date, no benefits are payable under the policy. Term Assurance products provide fixed amount of money on death during the period of contract. This policy provides protection for a selected period or term. The sum assured is payable only if insured person dies during the period or term of contract, i.e. no payment will be made if the insured person survives the period of contract. Premiums are paid throughout the selected period. Decreasing Term Assurance policy is similar to the Term Assurance policy, except the fact that benefit decreases annually until it is extinguished at the end of selected period. This policy is suited for a temporary need, which is reducing, such as housing loans repayable in instalments. Premium may be paid in one lump sum or over the selected period. Convertible Term Assurance policy is a Term Assurance policy with the option to convert to another policy (such as an endowment or whole life) without the evidence of health. The right to convert (change) is subject to certain restrictions, such as; Right to convert must be exercised within a specified period Conversion may not be permitted beyond a certain age (55 or 60) Premium will change after conversion This policy is ideally suited for those who are about to begin a career Endowment Assurance products provide a fixed amount of money either on death during the period of contract or at the expiry of contract if life assured survives. Should the insured survive the term, the policy is said to mature. Thus the insured amount becomes payable either at death or at maturity. Premium is payable throughout the period of contract. There are two types of endowment assurance policies; Participating Policies where the policyholder is allowed to share the profits of the insurance company, which is usually paid as dividends or bonus. Non-participating Policies where the Policyholder is not entitled for the profits of the insurance company. Whole life Assurance products provide a fixed amount of money on death whenever it occurs. Premium may be payable till death or may be limited to a selected period (say up to age of 60). Annuity/Pension policies provide series of monthly payment on stipulated dates that the life assured is alive on the stipulated dates. Insurers modify these basic types of life assurance products and add “labels” for sales purposes. Why is it important to have one’s life insured? Human life is subject to risks of death and disability due to natural and accidental causes. Loss of a life could result in loss of income to the dependents resulting in hardships to the family, sometimes making survival of dependents dreadful. Risks are unpredictable. Death/Disability may occur when a person least expects it. An individual can mitigate the effects of such unexpected risks through life assurance. Life Assurance is useful in a number of situations, which includes: Protection: The purpose of Life Insurance remains an important element in the event of early death: To ensure immediate family members (dependents) are able to finance their basic needs and are able to maintain their standard of living, To ensure dependents has cash and income to settle all bills, taxes, loans and fulfil other obligations, To ensure the children have money for their education, and To ensure that there is extra income when the earnings are reduced due to a serious illness or accident. Savings: Providing for one’s family and oneself, as a long-term exercise (If a policy with a savings component is obtained for a desired purpose such as lump sum at retirement, marriage, settlement of loans etc). Investment: The accumulation of wealth and safeguarding it from the ravages of inflation. Retirement: Provision for old age becomes increasingly necessary, especially in a changing cultural and social environment. What you need to remember when selecting an insurance product: There could be countless options to choose from, policy types, and policy conditions. Anyone who desires to buy a life assurance policy needs to be diligent when choosing a policy to suit the needs. It is worth taking time to discuss with the insurance company or its intermediary (the insurance agent or the insurance broking company) about the policy that fulfils one’s requirements. Deciding the adequacy of the amount to be insured needs a careful consideration. Prior to deciding the sum to be assured, it is advised to analyse and compare the financial needs of the dependents and their potential earnings, one’s capacity to save and invest and potential returns of the policy, if any. The value of the insurance policy that one decides to buy should fulfil the gap. Affordability is an important consideration and before a policy is effected, it is advised to examine carefully, bearing in mind possible future financial commitments, such as those which may arise following a change in civil status, parenthood, etc. Statistics prove that this aspect is not receiving adequate attention that is evident from the large number of policies lapsing, even after one year or several years, due to non-payment of premiums as the needs and the circumstances have changed since purchasing the policy. It is advisable to avoid going for unwanted additional coverage, which comes in “packages”. Instead, a suitable additional coverage of one’s choice can be obtained at an additional premium, which gives better value for money. It is always advisable to buy only what really requires for the intended purpose and/or future requirements. It is a pre-requisite for person who decides on a certain life policy to make sure that the life policy recommended is right for the purpose. The other important factor is to make sure that the terms and conditions of the policy are understood properly. Insurance Policy is an evidence of a legal contract between the policyholder and the Insurance Company. As in other contracts, it is better to make sure that all provisions in the policy are understood and any doubts clarified with the agent/broking company or the insurance company. Generally the insurance companies give a specific time period (majority of companies give 14 days) from the effective date of the policy within which a policyholder could reject the policy if he/she is not satisfied. In such situation a company will refund the premium paid, subject to deduction of initial expenses, if any. - To be continued Next article will explain other aspects of Life Assurance such as the rights to insure, disclosure of facts, assignment & beneficiary designation of life policies, rights of policyholders in cancellation and lapsing of life policies, claims and settlement of life policies. <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",31);arrFiles[155]=new Array(442,"press_releases/pr_wto_negotiations.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search What \'s New > Press Releases WTO Negotiations on Services and Submission of Sri Lanka \'s Request Relaxation of restriction placed on foreign investment in Sri Lanka The Director General of Commerce of the Department of Commerce has requested the Insurance Board of Sri Lanka to forward a list of services related to the Insurance Industry that could be exported by prospective service exporters. The following have been included under insurance and insurance related services classification list: All insurance and insurance related services Life, accident and health insurance services Non-life insurance services Reinsurance Services auxiliary to insurance (including broking and agency services) and any other The interested parties are requested to send by e-mail or by post their comments and observations on or before 22nd May 2002, to the Insurance Board of Sri Lanka Secretariat. The Director General Insurance Board of Sri Lanka Level 11, East Tower, WTC, Echelon Square, Colombo 1. Tel : 94-01-345331 Fax: 94-01-346940 E-mail: ibosl@sri.lanka.net <<< BACK Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",19);arrFiles[156]=new Array(443,"press_releases/_vti_cnf/press_releases.htm","1 Jan 2007","press_releases.htm","","","",1);arrFiles[157]=new Array(454,"public_consultation/public_consultation1.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Public Consultations Guidelines on linked long term business - Draft for discussion The Insurance Board of Sri Lanka hereby issues Guidelines on Linked Long Term Business. The Guidelines, which cover a wide spectrum of the operations and administration of linked long term business, aim to facilitate the orderly development of linked long term business with prudential standards of corporate governance and also to maintain and improve the professionalism of insurers and their intermediaries in both the administration and sales of linked long term business, thereby ensuring fair treatment of policy holders. The Guidelines shall apply to existing and new linked long-term products issued by insurers transacting long term insurance business in Sri Lanka. PART I - PRELIMINARY 1. Introduction. - Linked long term business is defined in section 114(1) of the Regulation of Insurance Industry Act, 2000, “ where benefits are wholly or partially determined by reference to an index or to the value of or to the income from assets of any description”. 2. The  \'Guidelines on Linked Long Term Business \' (Guidelines) issued will set the minimum standards for the management and administration of linked long term business, so as to achieve the following objectives: - facilitate the orderly development of the linked long term business; maintain high standard of corporate governance and professionalism in the administration of linked long-term business; maintain professional and proper conduct in the sales of linked long term policies; and product transparency and protection of policyholders interest. 3. Coverage.- The Guidelines cover the administration of the business, fees and expenses, investment limits for the investment-linked funds, disclosures to policyholders, standards in product design, general marketing requirements for investment-linked products, and valuation of the assets and the liabilities of the investment-linked funds. 04/10/2006 1 4. All insurers who are carrying and who wish to carry on investment-linked business are required to observe these Guidelines. 5. Non-compliance with the requirements of the Guidelines will compel the IBSL to take action against the insurer under the Act. 6. Implementation Date.--The Guidelines shall take effect from ……………2006. PART II - MANAGEMENT OF FUNDS 7. In order to undertake linked long tem business, an insurer is required to have adequate systems, procedures and processes to manage and administer the linked long term funds in a proper and efficient manner. All reasonable steps shall be in place to ensure that the funds are properly valued and the investment units are appropriately priced. Transactions of the funds shall be conducted in the manner that will avoid unnecessary costs or risks to the policyholders. 8. Objectives.-- The objectives of an investment-linked fund must be clear, specific and sufficiently detailed to enable a policyholder to make a proper assessment of the fund, as well as the nature of its underlying assets and potential risks. 9. The insurer must ensure that the fund is invested in accordance with its stated objectives. Where the objectives of the fund specify the fund \'s policy to invest in a particular security, classes of securities, economic sector or market, the insurer must ensure that the fund is invested accordingly. 10. In the case of a new investment-linked fund, the insurer must ensure that the fund is fully invested according to its stated objectives, immediately after its initial offer period. 11. The objectives and the allocation for the various types of investments of an investment-linked fund must be clearly and adequately disclosed in the sales materials and the policy document of that particular investment-linked policy. 12. Linked Long Term Product: is essentially a long term insurance product where benefits are wholly or partially determined by reference to an index or to the value of or to the income from assets of any description, as mentioned under Section 114 of the Regulation of Insurance Industry Act, 2000 (RII Act). 13. Linked Long Term Fund: Every insurer who transacts linked long term business shall maintain a separate fund, which should be named as ‘Linked Long Term Fund’, with separate accounts, and furnish the statements of accounts as required by the Board. PART III – DESIGN OF PRODUCT 14. Design of product.— 14.1 An insurer shall design the product as mentioned in 14.2 and file with the Board before offering for sale in the market. 14.2 In the design of product, --- there should be two accounts, namely, unit account and non-unit account. The unit account shall contain such funds of policyholders which may be called segregated funds (names of funds to be mentioned and should not changed during the term of the product) and such investments which are quoted in the market and for which the net asset value (NAV) could be determined on daily basis; there should be a death benefit which shall be mentioned in absolute terms or by reference to the underlying value of assets, and the charges for this benefit shall be called ‘mortality charge’ which should be accounted in the non-unit account; there should be a savings benefit which shall be the sum of net asset values of segregated funds, and the charges for this benefit shall be called ‘allocation charge’ which should be accounted in the unit account; the could be any other benefit (other than death benefit and savings benefit) which shall be mentioned in absolute terms or by reference to the underlying value of assets, and the charges for this benefit shall be called ‘other benefit charge’ which should be accounted in the non-unit account; there could also be charges, such as fund management charge, administration charge, which should be explicitly defined with examples in all the documents furnished to the policyholder; there should be explicit mention in all the documents furnished to the policyholders of : “the savings benefits are subject to the investment risk (in view of the fluctuations in the market prices of the underlying assets) which are borne by the policyholder”; there should be explicit mention of procedures adopted in various transactions, such as annual statement of benefits, computation of net asset value of units, switches, settlement of benefits, etc., in the policy document to the policyholder; 14.3 Minimum Age of Policyholders.-- To ensure that the holder of an investment-linked policy has the capacity to understand the risks involved in investing in the policy, the policyholder, who purchases the policy, shall be at least 18 years old. Nevertheless, there is no restriction on the age of the life insured. 14.4 Surrender Value.-- The surrender value of a policy must not be less than the value of units, based on the unit price at the time of cancellation less any insurance charges, policy fee and surrender charges, where applicable. In addition, the provisions of the RII Act on determination of surrender values shall apply to the risk portion of an investment-linked product where the risk charges are funded in advance. 14.5 Cooling-off Period / Free-look period.-- A policyholder shall have 15 days from the date of receipt of the policy to examine its terms and conditions. A policyholder may terminate the policy within the 15-days free-look period. And if a policy is cancelled within the 15 days free-look period, the insurer shall refund:- the unallocated premiums; value of units that have been allocated (if any) at unit price at the next valuation date; and any insurance charges and policy fee that have been deducted; less medical expenses which may have been incurred. 14.6 Pricing of Units.- The insurer shall sell units of an investment-linked fund to policyholders at the offer price and repurchase the units from policyholders at the bid price. The bid and offer prices for the units shall be based on the net asset value (NAV) per unit of the fund as at the next valuation date, after the request to sell/purchase units is received by the insurer. For dual pricing investment-linked funds, the offer price per unit is equal to the adjusted NAV per unit as at the valuation date divided by (1-initial charge) after the receipt of the purchase request from the policyholders. The bid price per unit is equal to the adjusted NAV per unit as at the next valuation date after receipt of the sale request from the policyholders. 14.7. The NAV per unit of an investment-linked fund is the total market value of the assets in the fund divided by the total number of units of the fund. In cases where the fund is contracting or expanding, the NAV per unit, may be adjusted, as appropriate, for an estimated transaction cost per unit, that is intended to reflect the average commission and brokerage expected to be incurred in respect of the investments of the investment-linked fund. 14.8. The spread between the bid and offer prices of an investment-linked fund shall not be more than 5% of the offer price. 14.9. The valuation of units and the determination of the selling and repurchase prices for the units shall be carried out daily. In cases where insurers are unable to value the units on a daily basis in view of the nature of the investible assets, such as investment linked to derivative instrument, insurers are required to seek prior approval from the IBSL on the alternative valuation basis. 14.10. Insurers shall assume responsibility in cases of unit pricing error. Apart from providing adequate reserves for such occurrence, insurers shall also compensate affected policyholders for the losses incurred due to unit pricing error. 14.11. Information on the design of an investment-linked product and its features must be adequately disclosed in the sales literatures for the products. 14.12. Any compensation, corrections or ex-gratia payments made due to mis-selling or errors shall not be paid from the unit-holders’ fund. 14.13 . An extension to an investment-linked product in the form of riders may be designed, and the cost of which may be funded, in the form of additional premium payment or unit deduction. 14.14. The insurer shall ensure the total risk charge (including unit deducting riders) as a proportion of total premium of an investment-linked product should not be unduly high, so as not to deplete the policy owner’s account value. PART IV - INVESTMENTS 15. The investments of an investment-linked fund must be relevant and consistent with the objectives of the fund, and as disclosed in the sales literatures for the fund. 16. Investment Limits.-- An insurer shall comply with section 25 of the RII Act in respect of the monies in the non-unit account, with regard to investment of monies, and comply with obligations/commitments made in the investment policy to the policyholders in respect of monies in the unit account. 17. The investments limits must be complied with at all times based on the most up-to-date value of the fund and the value of its investments. Any rebalancing of the investments necessary due to non-compliance with the limits must be done within a period of 60 days from the date of the non-compliance with the limits. Nevertheless, a 5% allowance in excess of any limit or restriction may be permitted where the limit or restriction is breached through an appreciation or depreciation of the NAV of the fund. PART V - VALUATION OF ASSETS AND LIABILITIES 18. Valuation of Assets.-- The assets of an investment-linked fund shall be valued at market values daily, except for immovable property, which may be valued quarterly. However, for immovable property, the insurer needs to make appropriate adjustments should the market value of the assets change significantly during the inter-valuation period. For the following assets, the value should not be in excess of the fair value: - unlisted equities; other unlisted securities; and listed securities that have been suspended from trading by any stock exchange for 14 or more consecutive trading days as at the date for which the value is to be determined. The basis and technique to be used in determining the fair value of the above assets need to be disclosed to and verified by the external auditor. 19. For fixed income securities, which are not frequently traded, other methods, such as best estimates by independent valuers or widely accepted valuation techniques, may be used. 20. Liabilities.-- The appointed actuary of the insurer shall value the liabilities of investment-linked policies at the end of each financial year of the insurer. In respect of the unit account, the policy liability shall be the NAV (net asset value) of units held in the policy at the valuation date. 21. The appointed actuary shall conduct the valuation of unit and non-unit liabilities in respect of an investment-linked policy separately. 22. The appointed actuary shall conduct a valuation of the non-unit liabilities for each investment-linked policy by a cash flow projection, at the valuation date. The liabilities in respect of the non-unit component of an investment-linked policy is valued by projecting future cash flows to ensure that all future outgoes can be met without recourse to additional finance or capital support at any future time during the duration of the investment-linked policy. The appointed actuary shall conduct the cash flow projection using actuarial principles. 23. In carrying out a projection to value the non-unit liabilities of an investment-linked policy, the appointed actuary shall use the current set of mortality and expense charges applicable as at the valuation date. 24. Where the non-unit component of an investment-linked policy is treated as an asset under the above valuation basis, the appointed actuary shall ensure that on an overall plan basis any such asset value is eliminated from the valuation by making the necessary adjustment. 25. Where the liabilities in respect of more than one investment-linked policy are to be valued, it shall not be necessary to value the policies individually so long as the overall liabilities determined can be shown to be at least as high as those produced by valuing the policies individually. 26. The appointed actuary shall ensure that the liabilities of the insurer in respect of its investment-linked policies are adequate at all times. The appointed actuary shall increase such liabilities to cover any contingencies or guarantees relating to such policies. 27. The assets needed to meet the non-unit liabilities of the insurer in respect of its investment-linked policies shall be aggregated and maintained separately in non-unit account. PART VI: SOLVENCY MARGIN 28. Required Solvency Margin: In respect of this business, every insurer transacting long term insurance business shall comply with Solvency Margin (Long Term Insurance Business) Rules, in respect of liabilities arising in the non-unit account, and also in respect of liabilities arising in the unit account where the savings benefits are guaranteed by the insurer. PART VII: SALES ILLUSTRATIONS AND CUSTOMER EDUCATION. 29. Sales Illustrations: Every insurer shall furnish a sales illustration document, which should explain the features of the product with necessary glossary. 30. Policyholder Education. --Every insurers shall provide adequate information to the policyholders regarding all the features/options available to the policyholder and guide the policyholders in taking a decision with respect to exercising the options and/or buying a suitable unit linked life insurance contract. 31. Furnishing Statements of Accounts: Unit account statement shall form a part of the policy document showing the current net asset values, charges, premiums, etc., and shall make a reference to the terms and conditions applicable under the respective policy document. 32. Market Conduct Issues (1) For better understanding of the complexities of these Products all Insurers should give a periodical in-house training to the persons involved in soliciting or procuring the business (agents, brokers, sales staff). (2) The curriculum for this in-house training should inter alia contain; the developments of the capital market, the basic knowledge of these Products, risks in investing with reference to different funds, the developments in other similar type of financial products, the concept of equity market, debt market and the overall economic scenario as affecting the capital market in general and the features of the products. (3) Any person involved in soliciting or procuring the business shall maintain the records pertaining to the policyholder to demonstrate that sufficient information has been collected about the potential policyholder to enable a suitable product to be recommended. These records shall form part of the proposal form and shall be made them available to the Board, whenever called for. (4) Further, any person involved in soliciting or procuring the business shall give the sales illustration statement with respect to the product duly indicating the specific details of the potential policyholder. This shall also indicate clearly how premium paid is appropriated towards various charges and the unit fund and the balance of the fund at the end of the first year and subsequent years. The higher upfront charges in the initial years have to be brought to the knowledge of the policyholders. 33. Advertisements. Any advertisement with regard to these products by the insurer (no other person shall make any advertisement in this regard, otherwise, the respective insurer would be liable to be prosecuted by the Board) shall not be misleading and should contain the statement: “the savings benefits are subject to the investment risk (in view of the fluctuations in the market prices of the underlying assets) which are borne by the policyholder”; 34. Rating of Unit Linked Funds. - The Board suggests the Insurers to get the evaluation of their respective unit linked funds done by an independent rating agency with an objective of providing qualitative information to the policyholder as to the assessment of performance of the various unit linked funds to enable the insuring public to choose the product in an informed manner. This will provide the prospects a level of comfort on operational practices, fund management quality and organizational strength of insurers. 35. Charges. The Board suggests the following glossary. (a) Allocation Charge and Initial Management Charge: Allocation charge is a percentage of total premiums appropriated towards charges from the premium received with the balance utilized to purchase the units of the policy. This is a charge at the time of receipt of premium. Example: Premium = Rs. 1000; Allocation charge: 10%; Balance amount is Rs.900 and is utilized to purchase units. Initial management charge is a percentage levied on the initial units for a specified period or throughout the term of the policy. (b) Annual Fund Management Charge: is a charge levied on specific fund in respect of the underlying product shall be appropriated from the fund before calculation of NAV. This is an annual charge. Example: Annual Fund Management charge is 1%; Fund as at 31.3.2004 is Rs.100/- Fund after this charge is Rs.99/-, which is used to calculate NAV. (c) Policy Administration Charge: is a charge, which may be expressed as a fixed amount or a percentage of the premium or sum assured. This is usually a monthly charge. This shall be appropriated by canceling units at the beginning of each policy month. This may be subject to inflation, preferably a x% per annum. The inflation shall be by reference to the WPI/CPI. The level of increase with respect to the index and the date of reference to the index shall be specified in all documents. A reduced amount of this charge may be levied in case of lapsed policies, paid up policies, and fully paid up polices. This charge shall represent the expenses other than those covered by allocation charges and the fund management expenses. (d) Surrender penalty: It is levied on the value of units of the underlying unit linked life insurance policy at the time of surrender. This charge is usually a percent of the fund. The charge is usually in the early years of the policy and may not be levied after some policy years. (e) Switching Charge: is a charge levied by canceling the units in the fund from where the units have to be transferred to another fund. The charge will be collected at the time of effecting switch. The charge is usually a nominal flat amount for each switch. (f) Premium redirection Charge: is a charge levied on the premium contribution sought to be redirected (other than the fund choice opted at the inception of the policy), before allocation of the units. The charge will be collected at the time of effecting the redirection. The charge is usually a nominal flat amount for each redirection. (g) Mortality charge: is the cost of life insurance cover levied by cancellation of units. This charge may be levied every month. The method of computation shall be specified in the policy document and the mortality charge table shall form part of the policy document. Mortality rates cannot be altered during the contract period, which are filed with the Board. (h) Rider premium charge: is the premium collected separately to cover the rider and shall be appropriated directly to the non-unit account. (i) Alteration charge: is a charge levied on each alteration of the policy, for instance, increase in sum assured, change in mode of payment of premium, reduction in policy term, etc. The charge is usually flat amount. Notes: 1. All the charges other than allocation charge, cost of life insurance/mortality cost and rider premium shall have an upper limit. 2. The insurer cannot go beyond the upper limit. Where there are no upper limits these charges shall be guaranteed during the term of the policy. 3. All the charges stated above, where relevant, may be modified within the upper limits with prior clearance from the Board. 36. Terminology: The Board suggests the following terminology: a) Sum Assured: Sum assured is the guaranteed amount of the benefit that is payable on death of the life assured. It should be in absolute terms, which should be a predetermined amount. b) Guaranteed Surrender Value: As defined in the provisions of RII Act. c) Top-up premium: A top up premium is a premium paid at irregular intervals during the period of contract. This is an additional premium over and above the contractual premiums (including single premium) chosen at the commencement of the contract. d) Fund value: Fund value represents the value of units at that point of time i.e. number of units multiplied by the net asset value per unit. e) Partial Withdrawals; are amounts which could be withdrawn from the fund, partially, not wholly. f) Switches: Explanation: for switches and premium re-direction, In the event the units are held in more than one investment fund account the cancellation of units shall be in proportion to the units held in respective funds, if not opted by the policyholder. g) Premium re-direction: This means that the policyholder is given right to inform the insurer to redirect the amount of the premium from a specified point of time to different funds from original funds selected. h) Surrender: means cancellation of contract. i) Regular Premium Contract: means that the policyholder is allowed to pay premiums on specified periods of time during the period of contract, where the premium amount is fixed in advance. j) Single premium contract: means that the policyholder is allowed to pay the premium amount at the outset only and no further premiums are required to be paid. k) Limited premium payment contract: means that the policyholder is allowed to pay the premiums for a limited number of years, which is always less than the policy term. l) Whole Life Contract: means that insured amount is payable on death and where the contract terminates only on death. m) Sales Literature: is a document, which mentions about the features of the insurance product, and could be with illustrations. n) Death benefit: is the amount of benefit payable on the event of death. o) Maturity benefit: is the amount of benefit payable on the event of maturity of the insurance contract (or at the date of expiry of the contract). p) Survival benefit: is the amount of benefit payable on the event of survival at a known point of time q) Unit: is a one-number carrying a fixed amount of face value. r) Unit Value: is the value of assets of the fund (in which units have been allocated) per unit s) Rider benefit: is an add-on benefit to main contract. t) Unit Linked Fund: This is the accumulation of the premiums invested in the underlying segregated fund of unit linked life insurance policy comprising of any of the funds offered under this policy. u) Unit: This is a portion or a part of the underlying segregated unit linked fund. v) Initial Units: The number of the units allotted out of the premiums received during an initial period as defined in the policy terms and conditions. w) Accumulation Units: The number of units allotted out of the premiums received after the expiry of the initial period. x) Policy Value: Policy value is the value of units of the unit-linked policy. y) Fund Value: This is the multiple of the total number of units under a policy and the NAV. z) Valuation of funds: The determination of the value of the underlying assets of the unit fund. aa) Redemption: Encashing any number of the units at the prevailing sale price offered by the life insurer. This is applicable in case of exercising partial withdrawal or the surrender. bb) Switch: This is the facility allowing the policy holder to intervene to change the investment pattern from one fund to the other fund amongst the funds offered under the underlying policy of the life insurer. cc) Offer/purchase Price: The price at which the units are to be purchased by the policy holder or allotted by the Insurer. dd) Bid/sale Price: The price at which the units are to be redeemed by the policy holder or cancelled by the Insurer. ee) Net Asset Value: (Market Value of investment + Current Assets (including accrued income)-Current liabilities (including accrued expenses)-provisions)/(number of units outstanding under the relevant fund) ff) Capital Guarantee: Guarantee by the insurer as to the repayment of the premiums received from the insured. PART VIII: MISCELLANEOUS. 37. Furnishing of Information to the Board. All the insurers have to furnish the data in respect of the following information relating to their policies to the Board in a prescribed format (The formats required for this purpose will be prescribed by the Board) every half year: (a) The data on switching options exercised by the policy holder (b) The data on premium redirections exercised by the policy holders (c) The data on the partial withdrawals (d) The data on top ups Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",52);arrFiles[158]=new Array(455,"public_consultation/public_consultation2.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Public Consultations Proposed amendments to determination 1 made in terms of section 25-1 DRAFT DETERMINATIONS PROMULGATED UNDER THE REGULATION OF INSURANCE INDUSTRY ACT NO.43 OF 2000 Determination 1 – 30/10/2002 (amended in …..2006) Section 25(1) (A) Every insurer shall invest, in addition to the requirement in section 25(1) of the Act, the assets of the Technical Reserve, referred to in section 24 of the Act, in the following types of investments and in the percentages described below: (B) Every insurer shall invest, in addition to the requirement in section 25(1) of the Act, the assets of the Long Term Insurance Fund, referred to in section 38(1) of the Act, in the following types of investments and in the percentages described below: Type of investment (A)The maximum percentage as a percentage of the Assets of the Technical Reserve (B)The maximum percentage as a percentage of the Assets of the Long Term Insurance Fund (a) (i) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity not exceeding five (5) years; 100% 100% (ii) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity exceeding five (5) years; 40% 75% (iii) debt securities issued or fully guaranteed by a Central Government or Central Bank of a country and carrying an investment grade rating; 20% 20% (b) Ordinary Shares of a company listed on a licensed stock exchange; [subject to the condition that the maximum investment in shares in a single company being 5% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be, and 10% of the issued share capital of the investee company] 30% 40% (c) (i) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a licensed commercial bank or a licensed specialised bank and carrying an investment grade rating; or backed by a guarantee issued by a licensed commercial bank, which has an investment grade rating or a licensed specialised bank, which has an investment grade rating or a Multilateral Agency; [subject to the condition that the maximum single exposure being 5% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be, or 10% of the equity of the company or the bank, as the case may be, whichever is lower] However if debt is issued and guaranteed by the same bank, the cumulative exposure to the same bank shall not exceed 10% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be, or 15% of the equity of the Bank, whichever is, lower 60% 50% (ii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments which are listed on a licensed stock exchange; 10% 10% (iii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company and carrying an investment grade rating; 10% 10% (iv) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company, which has an investment grade rating; 10% 10% (v) asset backed securities carrying an investment grade rating; 10% 10% Note : The overall of investment in (c) (i) to (c) (v) should not exceed 60% and the maximum single exposure should not exceed 5% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be, or 10% of the equity of the company, whichever is lower. In the case of (v) above, the maximum exposure in a single issue should not exceed 5% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be. (d) (i) Deposits with licensed commercial banks or licensed specialised banks carrying an investment grade rating ; 40% 40% (ii) Deposits with licensed finance companies carrying an investment grade rating; 10% 10% Note: The overall investment in (d) (i) to (d) (ii) should not exceed 40% and the maximum single exposure should not exceed 10% of the Assets of the Technical Reserve or Long Term Insurance Fund, as the case may be or 15% of the equity of the bank or finance company, whichever is lower. (iii) Cash in hand (Physical cash & cheques received); 10% (in all banks) 10% (in all banks) (e) freehold land and building (including the land value) occupied by the insurer; 10% 15% [subject to the maximum investment in one land or land and building, as the case may be, being 10%] (f) freehold land and building (including the land value) held for investment purposes; 10% 15% [subject to the maximum investment in one land or land and building, as the case may be, being 10%] (g) unit trusts/mutual funds; [subject to the condition that maximum investment in a Single Unit Trust/Mutual Fund, being 5%] 25% 25% (h) gold; [subject to the condition that the insurer takes all mesures to keep the gold in safe custody in a bank recognized by the Board] 20% or a higher percentage with the approval of the Board for which approval may be considered by the Board on a case by case basis based on the investment restrictions imposed on the insurer 20% or a higher percentage with the approval of the Board for which approval may be considered by the Board on a case by case basis based on the investment restrictions imposed on the insurer (i) Investments made in all related companies; (The investments are required to be made in accordance to the limitations specified above) 7.5% subject to the maximum exposure, other than in licensed commercial banks or licensed specialized banks carrying an investment grade rating, being 5% 7.5% subject to the maximum exposure, other than in licensed commercial banks or licensed specialized banks carrying an investment grade rating, being 5% (j) policy loans Not applicable 20% (k) mortgage loans on immovable properties of policyholders Not applicable 10% (C) The Board may permit investment in other types of assets, on a case-by-case basis, subject to any conditions that the Board may lay down. Any investment approved by the Board under this clause will be made known to all insurers. (D) In the event an asset specified in Rule 1(A)(a)(iii), (c)(i), (c)(iii), (c)(iv), (c)(v), (d)(i), (d)(ii) and 1(B)(a)(iii), (c)(i), (c)(iii), (c)(iv), (c)(v), (d)(i), (d)(ii) above, is issued outside Sri Lanka or issued by an entity incorporated outside Sri Lanka, such asset is considered as admissible only if such asset is rated by a Credit Rating Agency listed in Part (I) of Table “A” below. If an asset specified in the above rules is issued in Sri Lanka or issued by an entity incorporated in Sri Lanka, such asset is considered as admissible only if such asset is rated by a Credit Rating Agency listed in Part (II) of Table “A” or by any other Credit Rating Agency registered by the Securities and Exchange Commission of Sri Lanka under the Securities and Exchange Commission Act, No. 36 of 1987. In these Determinations unless the context otherwise requires - Act means the Regulation of Insurance Industry Act, No. 43 of 2000; “Asset backed securities means a security that is primarily serviced by cash flows of a discrete pool of receivables or other financial assets, either fixed or revolving, that by their terms convert in to cash within a finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to the security holders; “Board” means the Insurance Board of Sri Lanka, established under the provisions of the Regulation of Insurance Industry Act No. 43 of 2000; “Equity” includes the issued share capital and reserves; “investment grade rating” means a credit rating assigned by the corresponding credit rating agency set out in Part (I) and Part (II) of Table “A” below or any better credit rating assigned by such credit rating agency; or a credit rating which indicates similar credit quality as set out in Part (II) of table A below, assigned by an entity registered by the Securities and Exchange Commission of Sri Lanka under the Securities and Exchange Commission Act, No. 36 of 1987; To be applicable, the ratings should have been assigned or reviewed within the preceding eighteen months; “issued shares” means the subscribed and the paid up share capital; licensed commercial bank, licensed specialised bank and “licensed finance company” shall be institutions licensed by a Government Authority to carryon such business; licensed stock exchange means a stock exchange licensed by a Government Authority; “long term insurance fund” for the purpose of this determination includes the policy holder \'s monies which is represented by an amount equal to the amount of liabilities in respect of all policies for which their exists a liability plus the amount of outstanding claims plus reinsurances accepted less reinsurances ceded, and also any amount of solvency margin that is required to be maintained from the shareholders \' funds. It also includes any undistributed surplus. “Multilateral Agency” means and includes the International Finance Corporation and any other similar institution that may be considered and approved by the Board as a Multilateral Agency from time to time; “Related company” shall have the same meaning given to it under the Sri Lanka Accounting Standards; technical reserve means the technical reserve maintained under section 24 of the Act and includes:- (i) Net unearned premium reserve, which shall be computed on the basis of 1/365 method or 1/24 method. In the case of marine cargo insurance the 40% basis may also be used: However for non-annual policies an insurer may, with the prior approval of the Board, adopt any other appropriate basis for calculation of unearned premium reserve. The unearned premium reserve so calculated with reference to any of the above methods shall be adjusted for deferred acquisition expenses calculated on the same basis. The insurer shall ensure that whatever the basis adopted is fully disclosed in the financial statements. (ii) Un-expired Risk Reserve, calculated on a net basis; (iii) Reserve for net outstanding claims; (iv) Reserve for incurred but not reported claims, calculated on a net basis; and (v) Any other contingency reserves. (b) Liabilities as shown in the Balance Sheet; and (c) Any other liabilities of a special nature as notified by the Board. Unit trusts or “mutual funds” mean and include unit trusts or mutual funds regulated by a Government Authority. Table A INVESTMENT GRADE CREDIT RATINGS (Part I) CREDIT RATING AGENCY RATING OF ENTITY OR SECURITY SHORT TERM (LESS THAN ONE YEAR) RATING OF SECURITY (1) Moody’s Investor Services Baa3 P3 (2) Standard and Poor’s Corporation BBB- BBB- A3 (3) Fitch Ratings BBB- F3 (4) A. M. Best Company, Inc. bbb- AMB-3 (Part II) CREDIT RATING AGENCY RATING OF ENTITY OR SECURITY SHORT TERM (LESS THAN ONE YEAR) RATING OF SECURITY (1) Fitch Ratings (Lanka) Ltd. BBB-(sri) F3 (sri) (2) Lanka Ratings BBB- BBB3 L-3 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",48);arrFiles[159]=new Array(456,"public_consultation/public_consultation3.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Public Consultations Amendments proposed to Solvency Margin Rules - General REGULATION OF INSURANCE INDUSTRY ACT, NO. 43 OF 2000 Rules made by the Insurance Board of Sri Lanka under section 105 read with section 26 of the Regulation of Insurance Industry Act, No. 43 of 2000. Chairman Insurance Board of Sri Lanka Colombo, …….. 2006 RULES 1. These rules may be cited as Solvency Margin (General Insurance) Amendment Rules, 2006. 2. (1) The amount of solvency margin, which is the difference between the value of the assets and the value of the liabilities, required to be maintained by any insurer who carries on general insurance business (in these Rules referred to as insurer) shall be not less than the highest of the following: (a) Rs. 50 million; or (b) A sum equivalent to 20% of net written premium; or (c) A sum equivalent to 40% of the average net outstanding claims for the three years immediately preceding the current year. 3. The value of the liabilities of an insurer for the purpose of determining the solvency margin shall be: (a) the technical reserve which includes : (i) Net unearned premium reserve, which shall be computed on the basis of 1/365 method or 1/24 method. In the case of marine cargo insurance the 40% basis may also be used: However for non-annual policies an insurer may, with the prior approval of the Board, adopt any other appropriate basis for calculation of unearned premium reserve. The unearned premium reserve so calculated with reference to any of the above methods shall be adjusted for deferred acquisition expenses calculated on the same basis. The insurer shall ensure that whatever the basis adopted is fully disclosed in the financial statements. (ii) Un-expired Risk Reserve, calculated on a net basis; (iii) Reserve for net outstanding claims; (iv) Reserve for incurred but not reported claims, calculated on a net basis; and (v) Any other contingency reserves. (b) liabilities as shown in the Balance Sheet; and (c) any other liabilities of a special nature as notified by the Board. 4. For the purpose of determining the solvency margin the following types of assets of the general insurance business in such amounts or percentages as specified below are regarded as admissible: (a) (i) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity not exceeding five (5) years; 100% (ii) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity exceeding five (5) years; 40% (iii) debt securities issued or fully guaranteed by a Central Government or Central Bank of a country and carrying an investment grade rating; 20% (iv) Accrued interest upto the date of calculation of the solvency margin on the above categories of investments. (A statement should be provided to the IBSL specifying the breakdown of the amount of interest accrued on each investment taken for solvency purposes) Actual Amount (b) Ordinary Shares of a company listed on a licensed stock exchange; 30% (c) (i) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a licensed commercial bank or a licensed specialised bank and carrying an investment grade rating; or backed by a guarantee issued by a licensed commercial bank, which has an investment grade rating or a licensed specialised bank, which has an investment grade rating or a Multilateral Agency; 60% (ii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments which are listed on a licensed stock exchange; 10% (iii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company and carrying an investment grade rating; 10% (iv) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company, which has an investment grade rating; 10% (v) asset backed securities carrying an investment grade rating; 10% Note : The overall investment C (i) to C (v) should not exceed 60%. (vi) Accrued interest upto the date of calculation of the solvency margin on the above categories of investments. (A statement should be provided to the IBSL specifying the breakdown of the amount of interest accrued on each investment taken for solvency purposes) Actual Amount (d) (i) Deposits with licensed commercial banks or licensed specialised banks carrying an investment grade rating; 40% (ii) Deposits with licensed finance companies carrying an investment grade rating; 10% Note : The overall investment in d (i) to d (ii) should not exceed 40%. (iii) Cash in hand (Physical cash & cheques received); 10% [in all banks] (e) freehold land and building (including the land value) occupied by the insurer; 10% (f) freehold land and building (including the land value) held for investment purposes; 10% (g) unit trusts/mutual funds; 25% (h) Gold; (Subject to the condition that the insurer takes all measurers to keep the gold in safe custody in a bank recognized by the Board.) 20% or a higher percentage with the approval of the Board for which approval may be considered by the Board on a case by case basis based on the investment restrictions imposed on the insurer (i) Investments made in all related companies; (The investments are required to be made in accordance to the limitations specified above) 7.5% subject to the maximum exposure, other than in licensed commercial banks or licensed specialized banks carrying an investment grade rating, being 5%. (j) Net amounts receivable for not more than six (6) months from re-insurers or ceding companies net of amount payable to same parties; Actual amount (k) premium outstanding for not more than 60 days from the inception of the policy; Actual amount 5. (1) The value of admissible assets under Rule 4 shall be determined in the following manner: - Asset categories specified in Rule 4 above Valuation Methodology 4(a)(i),(ii),(iii) shall be taken at cost as adjusted for amortisation of premiums or accretion of discounts, allocated on a systematic basis to maturity date using either the straight line method or constant yield method whichever is lower or any other method determined by the Board; 4(b) shall be valued at cost or at market value, whichever is lower; 4(c)(i),(ii),(iii),(iv) shall be taken at cost as adjusted for amortisation of premiums or accretion of discounts, allocated on a systematic basis to maturity date using either the straight line method or constant yield method whichever is lower or any other method determined by the Board; 4(c)(v) shall be taken at cost as adjusted for amortisation of premiums or accretion of discounts, allocated on a systematic basis to maturity date using either the straight line method or constant yield method whichever is lower or any other method determined by the Board; 4(d)(i),(ii) shall be the principal value of the deposit, plus the accrued interest; the value of freehold land shall be at cost value or at a re-valued amount determined by a valuer approved by the Board; the value of freehold building shall be at cost value less accumulated depreciation or at a re-valued amount determined by a valuer approved by the Board less accumulated amount of depreciation after such revaluation; 4(g) shall be valued at, cost or managers buying price, whichever is lower; 4(h) shall be valued at cost or at market value, whichever is lower; 4(j) shall be at the amount due after deducting the provision for bad and doubtful debts ; and 4(k) shall be at an amount not exceeding the amount outstanding after deducting the provision for bad and doubtful debts, which are outstanding more than 60 days from the inception of the policies. (2) Subject to the provisions of paragraphs 1 (k) of this Rule, an insurer shall provide for all balances, which are outstanding for more than six months from the due date of such balances, as a bad and doubtful debt. (3) An insurer shall treat an investment income, which is overdue for more than six months, as a doubtful debt. The asset on which the investment income is derived shall be excluded in calculating the solvency margin. (4) The revaluation of freehold land and building and the valuation of any admissible assets the manner of determination of which is not provided for in paragraph (1) of this Rule shall be carried out in accordance with the Sri Lanka Accounting Standards. (6). In the event an asset specified in Rule 4 (a)(iii), (c)(i), (c)(iii), (c)(iv), (c)(v), (d)(i) and (ii) above, is issued outside Sri Lanka or issued by an entity incorporated outside Sri Lanka, such asset is considered as admissible only if such asset is rated by a Credit Rating Agency listed in Part (I) of Table “A” below. If an asset specified in the above rules is issued in Sri Lanka or issued by an entity incorporated in Sri Lanka, such asset is considered as admissible only if such asset is rated by a Credit Rating Agency listed in Part II of Table A or by any other rated by a Credit Rating Agency registered by the Securities and Exchange Commission of Sri Lanka under the Securities and Exchange Commission Act, No. 36 of 1987. (7). In any dispute arising due to the non-conformity with the requirements of Rule 3, a copy of the guidelines certified by the Board as the current applicable guidelines referred in that Rule, shall be admissible as evidence in any court of law and shall be regarded as a prima facie proof of the matters contained therein. (8). Where, on the date of the coming into operation of these Rules, an insurer who carries on general insurance business is maintaining a solvency margin of such amount determined in accordance with a method other than the method provided for in these Rules, such insurer shall be entitled, notwithstanding anything to the contrary in these Rules, to continue to use such method for a period not exceeding one year from the date of coming into operation of these Rules, and shall thereafter be required to comply with the provisions of these Rules. (9). In these Rules unless the context otherwise requires - Act means the Regulation of Insurance Industry Act, No. 43 of 2000; “Asset backed Securities” means a security that is primarily serviced by cash flows of a discrete pool of receivables or other financial assets, either fixed or revolving, that by their terms convert in to cash within a finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to the security holders; “Board” means the Insurance Board of Sri Lanka, established under the provisions of the Regulation of Insurance Industry Act No. 43 of 2000; “Equity” includes the issued share capital and reserves; “investment grade rating” means a credit rating assigned by the corresponding credit rating agency set out in Part (I) and Part (II) of Table “A” below or any better credit rating assigned by such credit rating agency; or a credit rating which indicates similar credit quality as set out in Part (II) of table A below, assigned by an entity registered by the Securities and Exchange Commission of Sri Lanka under the Securities and Exchange Commission Act, No. 36 of 1987; To be applicable, the ratings should have been assigned or reviewed within the preceding eighteen months; “ issued shares” means the subscribed and the paid up share capital; licensed commercial bank, licensed specialised bank and “licensed finance company” shall be institutions licensed by a Government Authority to carryon such business; licensed stock exchange means a stock exchange licensed by a Government Authority; “Multilateral Agency” means and includes the International Finance Corporation and any other similar institution that may be considered and approved by the Board as a Multilateral Agency from time to time; “Related company” shall have the same meaning given to it under the Sri Lanka Accounting Standards; technical reserve means the technical reserve maintained under section 24 of the Act and includes:- (i) Net unearned premium reserve, which shall be computed on the basis of 1/365 method or 1/24 method. In the case of marine cargo insurance the 40% basis may also be used: However for non-annual policies an insurer may, with the prior approval of the Board, adopt any other appropriate basis for calculation of unearned premium reserve. The unearned premium reserve so calculated with reference to any of the above methods shall be adjusted for deferred acquisition expenses calculated on the same basis. The insurer shall ensure that whatever the basis adopted is fully disclosed in the financial statements. (ii) Un-expired Risk Reserve, calculated on a net basis; (iii) Reserve for net outstanding claims; (iv) Reserve for incurred but not reported claims, calculated on a net basis; and (v) Any other contingency reserves. (b) liabilities as shown in the Balance Sheet; and (c) any other liabilities of a special nature as notified by the Board. unit trusts or “mutual funds” mean and include unit trusts or mutual funds regulated by a Government Authority. Table A INVESTMENT GRADE CREDIT RATINGS (Part I) CREDIT RATING AGENCY RATING OF ENTITY OR SECURITY SHORT TERM (LESS THAN ONE YEAR) RATING OF SECURITY (1) Moody’s Investor Services Baa3 P3 (2) Standard and Poor’s Corporation BBB- BBB- A3 (3) Fitch Ratings BBB- F3 (4) A. M. Best Company, Inc. bbb- AMB-3 (Part II) CREDIT RATING AGENCY RATING OF ENTITY OR SECURITY SHORT TERM (LESS THAN ONE YEAR) RATING OF SECURITY (1) Fitch Ratings (Lanka) Ltd. BBB-(sri) F3 (sri) (2) Lanka Ratings BBB3 L-3 Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map ",51);arrFiles[160]=new Array(457,"public_consultation/public_consultation4.htm","12 Jan 2007","IBSL","","","What \'s New What \'s New Hide Policy Statements and Speeches Press Releases Insurance Sector Insurance Sector Hide Overview of Insurance Industry Industry Performance Developments Developments Hide Recent Supervisory Developments Recent Market Developments Licensing Guide Licensing Guide Hide Insurance Companies Insurance Brokers Loss Adjusters Insurance Legislations Insurance Legislations Notices & Guidelines Notices & Guidelines Compliance with Regulatory Reporting Compliance with Regulatory Reporting News Room News Room Hide News Archives Data Room Data Room Publications / Annual Reports Publications / Annual Reports Public Consultations Public Consultations Home | About IBSL | Contact us | Careers | FAQ | Other Links | Download Forms | Site Map Search Public Consultations Amendments proposed to Solvency Margin Rules - Long Term Rules made by the Insurance Board of Sri Lanka under section 105 read with section 26 of the Regulation of Insurance Industry Act, No. 43 of 2000. Chairman / Director General, Insurance Board of Sri Lanka …………………., 2006. RULES 1. These rules may be cited as Solvency Margin (Long Term Insurance) Amendment Rules, 2006 . 2. These rules will not apply to investment linked long-term products . 3. (1) The amount of solvency margin which is the difference between the value of the assets and the value of the liabilities, required to be maintained by any insurer who carries on long term insurance business (in these Rules referred to as insurer) shall be not less than five per centum of the value of the liabilities of such insurer as determined in the manner provided for in these Rules. (2) The solvency margin referred to in paragraph (1) shall be maintained at all times during the year, and if required by the Board, be certified by the appointed actuary. 4. The value of the liabilities of an insurer for the purpose of determining the solvency margin shall be made in accordance with the currently applicable guidelines of an entity designated by the Board and be subject further to the following: (a) the liabilities in respect of a long term insurance policy shall be equal to the amount, if any, by which the present value as at the date of valuation, of the benefits payable, exceeds the present value as at the date of valuation of the adjusted premium, if any, payable after such date; (b) where a part or the whole of the premium payable under a long term insurance policy is accumulated in a participating or nonparticipating fund to be paid as a benefit either on maturity of the policy or on the death of the life insured, the present value of the fund as at the date of the valuation determined on the actuarial basis specified in Rules 8 and 9 of these Rules, shall be deemed to be the liability under the policy corresponding to the accumulated portion of the premium and the liability in respect of any portion of the premium which is utilised to cover the contingency of death or survival as an extension to the policy, shall be determined in accordance with the manner specified in paragraph (a); (c) where the benefit payable under a long term insurance policy is the accumulated amount of the premiums paid at a guaranteed rate of interest, the accumulated amount as at the date of valuation shall be deemed to be the liability under the policy and any other liability in addition to the accumulated amount, shall be determined in accordance with the manner specified in paragraph (a). 5. For purpose of paragraph (a) of Rule 4 , the adjusted premium payable after the date of valuation will be the actual value of the premium, adjusted by assuming that the policy provides only for such premiums as are sufficient to provide for the risk incurred by the insurer in issuing the policy, without provision for bonuses, office expenses or any other charges, and by making further adjustments as provided for in paragraph (a) or (b) of Rule 6 , whichever will produce the lower adjusted value. 6. The further adjustments referred to in Rule 5 shall consist of - (a) assuming that the policy is issued one year after the date of its issue, but without postponing the time when the premium ceases or policy money becomes payable if that time is fixed by reference to the date of issue, and to calculate the premium referred to in Rule 5 accordingly; or (b) adding to the premium referred to in Rule 5 , such amount as would have at the date of issue of the policy, a capitalized value equal to four per centum of the basic sum assured, taking any annuity at the capitalised value it would have on becoming payable. 7. Notwithstanding the provisions of Rule 5 and Rule 6 , the adjusted value of the premium shall not be more than ninety per centum of office premium payable under the policy. 8. An actuary shall determine the value of the liabilities of an insurer by using - (a) such mortality tables issued by an entity designated by the Board under Rule 4 above; or (b) any other mortality table producing a solvency margin less than the solvency margin produced by the tables referred to in paragraph (a), which is approved by the Board for such purpose. 9. In determining the value of the liabilities of an insurer, an actuary shall use a rate of interest as specified below:- (a) for valuing participating non-single premium long term insurance policies, a rate of interest not exceeding the highest of the following, subject to an upper limit of eight per centum per annum: (i) five per centum per annum; (ii) sixty-five per centum of the average of the annual net of tax return on the Long Term Insurance Fund during the preceding three years from the date of valuation, if tax has been actually paid; or (iii) fifty-five per centum of the average gross return, before paying tax on the Long Term Insurance Fund during the preceding three years from the date of valuation; Provided that, where an insurer has commenced operations within the last three years preceding the date of valuation, the rate of interest to be used shall be the rate specified in subparagraph (i) of this paragraph; (b) for valuing participating single premium long term insurance polices, one and half per centum per annum more than the rate determined in accordance with the manner specified in paragraph (a); (c) for valuing non-participating non-single premium long term insurance policies, including paid up policies which do not participate in future bonus, one and half per centum per annum more than the rate determined in accordance with the manner specified in paragraph (a); (d) for valuing non-participating single premium long term insurance policies, three per centum per annum more than the rate determined in accordance with the manner specified in paragraph (a); (e) for valuing simple reversionary bonus of participating long term insurance policies, one and a half per centum per annum more than the rate determined in accordance with the manner specified in paragraph (a). 10. An extension to a long term insurance policy covering contingency of death or survival shall be valued by an appointed actuary in accordance with the requirements specified in Rule 4 to 9 of these Rules. 11. It shall be the duty of an actuary to provide an appropriate reserve and state the basis of such reserving, in respect of - (a) the immediate payment of claims; (b) in the case of limited payment policies and paid up policies, the future expenses and bonuses; (c) liabilities existing or which may arise in the future, in respect of policies which have lapsed and which were not included in the valuation; (d) disability benefits in payment as a result of the disability of the life insured; (e) policies kept in force, where the premiums have been waived; (f) provision of benefits upon occurrence of the life insured’s disability or the waiver of premiums in the future; (g) policy insuring a substandard risk or a high risk occupation; and (h) any other liability or contingent liability under long term insurance policies or extension of such policies. 12. Where the surrender value in the aggregate of the policies in force exceeds the value of the liabilities, an actuary shall determine the value of the liability at an amount not less than such aggregate surrender value. 13. Where a policy or an extension of a policy is treated as an asset, an actuary shall make the necessary adjustment to eliminate such asset value from the value of the liabilities. 14. Investment of monies lying to the credit of the Long Term Insurance Fund in the following types of assets and in such percentages of the Long Term Insurance Fund or amounts as specified bellow, are regarded as admissible:- (a) (i) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity not exceeding five (5) years; 100% (ii) debt securities issued or fully guaranteed by the Government of Sri Lanka with a time to maturity exceeding five (5) years; 75% (iii) debt securities issued or fully guaranteed by a Central Government or Central Bank of a country and carrying an investment grade rating; 20% (iv) Accrued interest upto the date of calculation of the Solvency Margin on the above categories of investments. (A statement should be provided to the IBSL specifying the breakdown of the amount of interest accrued on each investment taken for solvency purposes) Actual Amount (b) Ordinary Shares of a company listed on a licensed stock exchange; 40% (c) (i) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a licensed commercial bank or a licensed specialised bank and carrying an investment grade rating; or backed by a guarantee issued by a licensed commercial bank, which has an investment grade rating or a licensed specialised bank, which has an investment grade rating or a Multilateral Agency; 50% (ii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments which are listed on a licensed stock exchange; 10% (iii) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company and carrying an investment grade rating; 10% (iv) Corporate debts, including bonds, debentures, Commercial Papers, and other similar financial instruments, issued by a company, which has an investment grade rating; 10% (v) Asset backed securities carrying an investment grade rating; Note : The overall investment in c (i) to C (v) should not exceed 50%. 10% (vi) Accrued interest upto the date of calculation of the solvency margin on the above categories of investments. (A statement should be provided to the IBSL specifying the breakdown of the amount of interest accrued on each investment taken for solvency purposes) Actual Amount (d) (i) Deposits with licensed commercial banks or licensed specialised banks carrying an investment grade rating ; 40% (ii) Deposits with licensed finance companies carrying an investment grade rating; Note : The overall investment in d (i) to d (ii) should not exceed 40%. 10% (iii) Cash in hand (Physical cash & cheques received); 10%[in all banks] (e) freehold land and building (including the land value) occupied by the insurer; 15% (f) freehold land and building (including the land value) held for investment purposes; 15% (g) Unit trusts/mutual funds; 25% (h) gold; (Subject to the condition that the insurer takes all measurers to keep the gold in safe custody in a bank recognized by the Board.) 20% or a higher percentage with th