Insurance Regulatory Commission of Sri Lanka

Determination 1

Determination 1 – 01/03/2011 as amended on –

20/10/2011 (amendments made to single investment exposure limits in Shares (b),Corporate Debts (c) and Deposits (d) stated in Table A in Determination # 1);
28/05/2012 (amendments made to the description of asset backed securities for General and Long Term Insurance Business – c (iv) of Table A in Determination # 1);
22/06/2012 (amendments made to items (G) and (H) in Determination # 1); and
01/04/2016 (amendments made to items (c), (f) and (i); inclusion of new items (d) (iii) and (j);deleting item (e) (iii) and note under item (e) of Table A; replacement of item (D) and (I) and removal of the Schedule of Determination #1).

Determination 2

Determination 2 – 23/08/2010
(Determination No. 2 of 30/10/2002 is repealed and replaced by Determination No. 2 of 23/08/2010)
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 the 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, either within a period of three months from the date of registration or within such period of time from the date of registration, as may be granted by the Board on a case by case basis.

Determination 3

Determination 3 – 30/10/2002 – Repealed by Section 15 of Act No. 03 of 2011
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

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

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

Determination 6 – 30/10/2002 (Repealed by Determination 15 dated 30/03/2012)
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

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

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 8 – 08/02/2008 (With effect from 1st January 2009)

Section 83 (a) and Section 85 (3) (b)

(Determination No.8 of 30/10/2002 will be replaced by Determination No.8 of 08/02/2008 with effect from 1st January 2009)

The maximum limit of the Professional Indemnity Policy of insurance shall be Rs. 10 million for the purposes of Sections 83(a) and 85 (3) (b) of the Regulation of Insurance Industry Act No. 43 of 2000.

Determination 9

Determination 9 – 13/08/2018

(Determination No. 9 of 27/02/2018 is repealed and replaced by Determination No. 9 of 13/08/2018)
Section 83 (c) of the Regulation of Insurance Industry Act, No. 43 of 2000 (RII Act) – Renewal of Registration Fee required to be paid by an insurance broker to the Insurance Regulatory Commission of Sri Lanka (Commission).

The renewal of registration fee required to be paid by an insurance broker to the Commission is as follows:

If the commission income for the four quarters immediately preceding the due date of submission of the renewal of registration application is less than Rs. 3 million per class of insurance business – Rs. 40,000/- per class of insurance business.
If the commission income for the four quarters immediately preceding the due date of submission of the renewal of registration application is between Rs. 3 million and Rs. 10 million per class of insurance business – Rs. 62,500/- per class of insurance business.
If the commission income for the four quarters immediately preceding the due date of submission of the renewal of registration application is above Rs. 10 million per class of insurance business – Rs. 62,500/- per class of insurance business + Rs. 2,500 /- for each and every Rs. 1 million.

Determination 10

Determination 10 – The amended determination issued on 12/07/2011 is replaced with the following new Determination #10 issued on 06/12/2021 – Section 88

Determinations