Deputy Minister of Finance visits IRCSL to strengthen Govt.-insurance sector collaboration

Wednesday, 18 June 2025 00:08 - - {{hitsCtrl.values.hits}}

The Insurance Regulatory Commission of Sri Lanka (IRCSL) welcomed Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma on his first official visit to the Commission on 13 June.

The landmark visit made at the invitation of IRCSL Chairman Dr. Ajith Raveendra De Mel, underscored the Government’s commitment to fostering a robust and resilient insurance sector that supports national economic development and financial inclusion. During the visit, Dr. Suriyapperuma engaged in discussions with the industry leadership of Life and General Insurance companies. The discussions focused on key policy and regulatory matters impacting the insurance sector and its role in national development.

Several important topics were brought to the table, including: Tax-related challenges faced by insurance companies and the need for a fair and growth-oriented tax framework; The implementation of IFRS 17, and its implications on financial reporting, solvency, and transparency; and Measures to improve insurance penetration across the country, especially in underserved and vulnerable segments.

The discussions explored the insurance sector’s contribution to the national economy and its alignment with broader economic development objectives.

Dr. Suriyapperuma expressed a strong commitment to work closely with stakeholders to address bottlenecks and facilitate an enabling environment for sustainable industry growth.

He acknowledged the sector’s potential to contribute more meaningfully to the national economy and assured the CEOs and the regulator of his continued support in addressing key challenges and moving the industry forward.

The meeting was also attended by IRCSL Chairman Dr. Ajith Raveendra De Mel, Commission Members R.C. Kotte Hewa and G.A.S. Jayaratna, along with the Director General and Directors.

Chairman Dr. De Mel expressed his appreciation for the Deputy Minister’s proactive engagement, stating, “This visit marks a new chapter in our collaborative efforts to ensure a stable, transparent, and inclusive insurance environment in Sri Lanka.”

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