Insurance Industry Regulation (Amendment) Bill debated

The Insurance Industry Regulation (Amendment) Bill was debated in parliament yesterday (9th Oct.).

 

The Acting Finance Minister and State Minister of Finance Iran Wickramaratna opened the debate on the second reading.

 

The Insurance Board of Sri Lanka (IBSL) will be changed as a Regulatory Commission.  Listing of insurance companies will be amended.  Under the amendments Insurance agents can only work for one company. With the amendment IBSl will change its name to Sri Lanka Insurance regulatory Commission. Out of the 26 insurnce companies nine are listed in the Colombo Stock Exchange. The active date of the new Inland Revenue Act is 1st April 2018, said the minister.