IASL officials meet IBSL Chairperson

The newly-elected President of Insurance Association of Sri Lanka (IASL) Ramal Jasinghe together with the Office Bearers met Indrani Sugathadasa, Chairperson of the Insurance Board of Sri Lanka (IBSL), at IBSL office premises, when they made a courtesy call to introduce the new committee.

The changes and challenges experienced by the insurance industry in the current economic and regulatory context were discussed at this meeting. IASL and IBSL officials highlighted that insurance is often misinterpreted as well as misunderstood; therefore, a process to make the concept of insurance popular and accepted among the general public in Sri Lanka was identified.

The IASL officials elaborated the plans of repositioning IASL along with the future arrangements to meet the regulatory requirements particularly with regard to the new amendments to the Insurance Industry Act.  

“We are confident that the challenges and rapid changes that the insurance industry experience can be dealt with positively under the leadership of the Chairperson of IBSL as a result of the greater understanding and cordial ties that bind the IBSL and IASL,” Jasinghe stated.

This meeting is a first step towards an ongoing dialogue that IASL wishes to maintain with IBSL. The IASL officials are confident of the support extended by the Chairperson and officials of IBSL in the efforts to increase the level of penetration of insurance among the general public, which currently stands at 10.9 %.

The newly-elected office bearers of IASL, namely Ramal Jasinghe, President (Director/CEO – Asian Alliance Insurance), Prakash Schafter, Vice President (Managing Director – Janashakthi Insurance), Deepthi Lokuarachchi, Secretary (Assistant Managing Director – Chartis Insurance Company Ltd.), Dirk Pereira, Treasurer (CEO – Union Assurance) and Upali Samarasinghe, Secretary General attended this meeting.