COLOMBO, Sept 10, 2025 (ePRESS) – The Insurance Regulatory Commission of Sri Lanka (IRCSL) has successfully completed a four-day study tour to India, aimed at strengthening its regulatory capacity and learning from India’s progress in building a modern and inclusive insurance sector.
The visit took place from August 25 to 28, with a high-level delegation led by Chairman Dr. Ajith de Mel, along with Director General Damayanthi Fernando, Director of Market Development and External Relations Deepika Nawarathna, and Director of Legal and Enforcement Rajan Nirubasingham.
In Hyderabad, the team held talks with the Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Information Bureau of India (IIB). They later met in Mumbai with the Insurance Institute of India (III), the General Insurance Council, the Life Insurance Council, and the Life Insurance Corporation of India (LIC), the country’s largest life insurer.
The exchanges focused on professional training, governance, market development, digital distribution, and the role of councils in shaping inclusive growth. LIC shared its journey in building trust and reaching communities across India, offering valuable lessons for Sri Lanka.
Dr. Ajith de Mel said the tour gave “invaluable exposure to India’s reform journey under Insurance Vision 2047” and would help Sri Lanka create a “modern, inclusive, and resilient” insurance sector.
Director General Damayanthi Fernando added that adopting global best practices would guide reforms to improve market conduct supervision, expand insurance penetration, and deliver better value to policyholders.
The IRCSL said the knowledge gained will directly support its five-year strategic plan, helping to accelerate reforms to make Sri Lanka’s insurance sector more resilient, competitive, and accessible, while ensuring financial protection for citizens and supporting economic stability.
