Foreign insurers to get equal opportunities with new law

Sri Lanka’s cabinet of ministers has approved a proposal to finalize the draft bill on Regulation of Insurance Industry Act by adding amendments that provide a level playing field for foreign and local insurance companies.

In 2013, the cabinet granted approval to make several amendments to the Regulation of Insurance Industry Act including changing the Insurance Board of Sri Lanka into Insurance Regulatory Commission of Sri Lanka.

Accordingly, the amended bill has already been prepared by the legal draftsman which will be presented in Parliament after obtaining the clearance of the Attorney General.

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