IRCSL calls for public consultation on changes to Solvency Margin (Risk Based Capital) Rules

Thursday, 31 July 2025 05:09 - - {{hitsCtrl.values.hits}}

The Insurance Regulatory Commission of Sri Lanka (IRCSL) has initiated a public consultation to invite stakeholders to share their views, concerns, and expertise on the proposed amendments to the Solvency Margin Risk Based Capital (RBC) Rules introduced in 2016.

The IRCSL said these rules were designed to ensure that insurance companies in Sri Lanka—both life and general insurers—properly assess their liabilities and maintain sufficient capital based on the risks they undertake.

Since the implementation of the Rules, there have been evolving asset markets, dynamic economic conditions of Sri Lanka, and developments by global regulatory forums, which led the IRCSL to initiate a holistic review of the current RBC Rules to ensure that the rules remain relevant to current Sri Lankan market conditions and consistent with global standards.

The IRCSL encourages those interested in sharing their comments on the public consultation document, which is available on the IRCSL website and can be accessed via https://ircsl.gov.lk/bfd_download/public-consultation-changes-to-risk-based-capital-rules/.