A delegation from the Insurance Regulatory Commission of Sri Lanka (IRCSL) conducted a four-day study mission to India from Aug. 25 to 28 as part of its ongoing efforts to enhance regulatory frameworks and support the development of Sri Lanka’s insurance sector.
The group, led by IRCSL chairman Dr. Ajith de Mel, included director general Damayanthi Fernando, director of market development and external relations Deepika Nawarathna, and director of legal and enforcement Rajan Nirubasingham.
The itinerary featured meetings with the Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Information Bureau of India (IIB) in Hyderabad.
In Mumbai, the delegation engaged with the Insurance Institute of India (III), the General Insurance Council, the Life Insurance Council, and the Life Insurance Corporation of India (LIC).
Discussions with IRDAI centred on the evolution of India’s insurance sector, particularly regulatory reforms under the Insurance Vision 2047 initiative.
The Sri Lankan officials reviewed India’s approaches to increasing insurance penetration, including distribution channel reforms, and the shift toward risk-based supervision and capital frameworks.
Other topics included the implementation of IFRS 17 standards, developments in reinsurance, and the management of cybersecurity risks under IRDAI’s Information and Cyber Security Framework.
The delegation also explored the role of insurtech in improving operational efficiency, as well as the use of data analytics and information management through the IIB.
In Mumbai, the Sri Lankan team examined how industry bodies and regulators collaborate on professional training, governance, and market development. LIC shared its experiences in building public trust and expanding insurance coverage across India.
The study mission is expected to inform IRCSL’s ongoing reform agenda and five-year strategic plan, which are aligned with Sri Lanka’s financial inclusion objectives.
Insights from the visit will support efforts to broaden insurance access, particularly for underserved groups, and to enhance distribution channels using digital and community-based platforms.
IRCSL is also looking to implement international standards such as IFRS 17 and risk-based capital requirements, strengthen market conduct supervision, and promote insurance products tailored for women.
Additional priorities include improving cybersecurity and anti-money laundering controls, developing a data-driven regulatory approach, and advancing health insurance reforms.
Dr. Ajith de Mel stated that the visit offered significant insights into India’s ongoing insurance reforms under the Insurance Vision 2047 initiative.
“The knowledge and practical insights gained will help us shape a regulatory and market environment in Sri Lanka that is modern, inclusive, and resilient, ensuring every citizen has access to insurance protection,” he said, as reported by DailyFT.
Director general Damayanthi Fernando added: “The study tour reinforced the importance of adopting global best practices tailored to Sri Lanka’s needs. Insights on insurance penetration, digital distribution, and market conduct supervision will guide our reform agenda to deliver greater value and protection to policyholders.”
Separately, IRDAI convened a meeting with insurance company leaders and actuaries at its Hyderabad office, chaired by Ajay Seth.
The agenda included policyholder protection, industry growth, and the recent removal of Goods and Services Tax (GST) on life and health insurance products. Insurers were encouraged to ensure that customers benefit from the tax change.
The session also addressed the need to extend insurance coverage to rural and informal sectors, expand government-sponsored insurance for vulnerable populations, and improve claims and grievance processes.
Participants discussed the importance of robust standards for market conduct, compliance, and risk management, and considered the creation of a forum within the Life Council to review court decisions and standardise practices.
IRCSL expressed its appreciation to Indian regulatory and industry bodies for their cooperation and knowledge sharing.
The commission plans to adapt the lessons learned during the study mission to accelerate reforms in Sri Lanka’s insurance sector, aiming to improve resilience, competitiveness, and access to insurance for a broader segment of the population.
