Insurance Regulatory Commission of Sri Lanka marks 20th anniversary

The Insurance Regulatory Commission of Sri Lanka (IRCSL) celebrated its 20^th anniversary on March 1. The IRCSL is established in terms of provisions of the Regulation of Insurance Industry Act, No 43 of 2000 with effect from March 01, 2001, the Commission said in a media release.

Being the regulator of the insurance industry, the IRCSL regulates, supervises and facilitates the development of the insurance industry for the last 20 consecutive years with the object of safeguarding the interest of policyholders. The main object and responsibility of the IRCSL is 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 interest of policyholders and potential policyholders.

The IRCSL has constantly implemented regulatory measures for the development of the Insurance Industry since its establishment in the year 2001. During the 20 years, the IRCSL has achieved many milestones.

The IRCSL will celebrate its 20^th anniversary by relaunching the IRCSL website providing more user-friendly and content driven information; and launching of the IRCSL YouTube Channel, Facebook and LinkedIn Pages to disseminate messages on insurance; and by recognising its long-standing employees.