Market Research Report
Governance, Risk and Compliance - The Sri Lankan Insurance Industry
|Published by||GlobalData||Product code||338787|
|Published||Content info||63 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The Sri Lankan Insurance Industry|
|Published: November 19, 2019||Content info: 63 Pages||
The Insurance Regulatory Commission of Sri Lanka regulates the insurance industry in Sri Lanka, according to the provision of the Regulation of Insurance Industry Act, No. 43 of 2000. The Commission supervises the insurance sector to ensure that the insurance business in the country is carried on with integrity, professionally, and prudently. It also safeguards the interests of policyholders and potential policyholders. The Commission is currently in the process of implementing a risk-based capital model to modernize the Sri Lankan insurance supervisory system. In addition, the Act governing the insurance sector has been amended several times to strengthen the insurance industry.
The report "Governance, Risk and Compliance - The Sri Lankan Insurance Industry" is the result of extensive research into the insurance regulatory framework in Sri Lanka. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.