SL’s Insurance Board to host Asian Insurance Regulators meeting on 27-28 July
View(s):The Insurance Board of Sri Lanka (IBSL) will be hosting the 10th annual conference of the Asian Forum of Insurance Regulators (AFIR), on 27-28 July at the Kingsbury Hotel, Colombo on the theme “Changing Landscape in Insurance Regulation”.
IBSL said approximately 30 regulators from Asia, the International Association of Insurance Supervisors based in Basel, Switzerland Access to Insurance Initiative (A2ii), Asian Development Bank and Organisation for Economic Co-operation and Development (ECD) are expected to participate at this meeting.
AFIR, founded in 2006, is a regional cooperation mechanism and an important platform for insurance regulatory exchange and cooperation in Asia.
“The selection of IBSL to host the 10th AFIR is a great opportunity for Sri Lanka to demonstrate its potential and capabilities to rise as an emerging financial services hub in Asia. The Sri Lankan insurance industry at present is in a transitional period, moving from a Rule Based Capital Regime to a Risk Based Capital Regime. The segregation of composite insurers into life and non-life segments is another major milestone in the Sri Lankan regulatory regime,” the local regulator noted in a media release.