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Sunday, 2 August 2015

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'Over regulation blocked growth'

The Insurance Board of Sri Lanka (IBSL) hosted the 10th annual conference of the Asian Forum of Insurance Regulators (AFIR) in Colombo last week. This is the first time Sri Lanka hosted the forum.

This year's conference theme was the changing landscape in insurance regulations.

Chief Guest ex-parliamentarian Mahinda Samarasinghe said the importance and position of insurance in the financial sector of trade as it is a mechanism for the transference of risk which allows individuals and corporates to operate in a financial environment with a greater degree of safety.

Therefore, it is a vital and integral part of the financial landscape of any country.

The Insurance Board of Sri Lanka which was incorporated by an Act of Parliament in 2000, regulates the insurance industry and is entrusted with the task of developing, regulating the industry.

It is its responsibility to see that the Insurance Business in Sri Lanka is carried with integrity and professionally.

While safeguarding the interests of policy holders and potential policy holders, the insurance industry has become a vital component of the financial industry, he said.

Though our insurance industry is small compared to some countries present here it is nevertheless vibrant and competitive with 29 insurance companies and fifty seven insurance brokering companies offering a wide range of long term and general insurance products that are now poised for exponential growth in the market.

Therefore, it is vital that regulators get the policies right the first time around.

Overregulation has blighted the growth prospects in this continent for decades, he said.

A panel discussion followed the session covering a discussion to develop a common regulatory framework for inclusive insurance and sharing experiences in micro insurance regulatory framework and the way forward for the AFIR. The official website of the AFIR was also launched at this function.

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