The Insurance Regulatory Commission of Sri Lanka (IRCSL) has launched a comprehensive public consultation aimed at reviewing and enhancing the life insurance product portfolio in Sri Lanka.
The initiative seeks to ensure that life insurance offerings meet the evolving financial protection needs of consumers across all demographic and economic segments.
Recognizing the increasing complexity of the insurance market, changing consumer expectations, and the global shift toward digital and inclusive insurance solutions, the IRCSL is undertaking this review to promote innovation, efficiency, and consumer trust within the sector.
The consultation focuses on three strategic pillars: 1. Product portfolio, design, and inclusivity 2. Claims management and operational efficiency 3. Distribution channel enhancement and digital access.
It also examines existing sales and distribution models, including bancassurance and digital channels, which are expected to play a pivotal role in the future of life insurance in Sri Lanka.
The IRCSL emphasized the importance of public participation in shaping policies that foster innovation while safeguarding consumer rights and promoting financial inclusion.
All interested parties including policyholders, insurers, brokers, consumer groups, financial experts, academics, and the general public are invited to review the consultation paper available on the IRCSL website until December 15, 2025.
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