ibsl.gov.lk Renewal Of Registration Of Insurance Broking Companies : Sri Lanka Board

Name of the Organisation : Insurance Board Of Sri Lanka (ibsl.gov.lk)
Type of Announcement : Renewal Of Registration Of Insurance Broking Companies
Country : Sri Lanka
https://www.ibsl.lk/

Related : Department of Registrar of Companies Registration Of A Company Sri Lanka : www.statusin.org/850.html

Renewal of Registration of Insurance Broking Companies:

Insurance Board of Sri Lanka (IBSL) hereby requests all the Insurance Broking Companies (Brokers) to make available to the IBSL their Applications for the Renewal of Registration as required under the Regulation of Insurance Industry (RII) Act, No. 43 of 2000 along with the relevant information and documents 90 days prior to the expiry of its registration or renewal of registration as the case may be.

The cheque/bank draft should be drawn in favour of the “Insurance Board of Sri Lanka” for this purpose.

[A] The following information and documents should be submitted to the IBSL together with the Application for the Renewal of Registration;
i. Audited Financial Statements for the immediately preceding financial year;
ii. Interim Financial Statements prepared in conformity with Sri Lanka Accounting Standard-35 signed by One Director of the Company and the Principal Officer for the period commencing from the end of the previous financial year to two calendar months prior to the date from which the renewal application forms are submitted to the IBSL;
iii. Certified copy of the Membership obtained by the Sri Lanka Insurance Brokers Association for the ensuing period of renewal;
iv. A declaration in terms of Annexure A & B;
v. Certified copies of the professional Indemnity Insurance Policies for the ensuing period of renewal –
(a) The policies should be for a minimum limit of indemnity of –
i. a total sum of rupees one million five hundred thousand; or
ii. a sum equal to three time the brokerage of the business for the last accounting period (financial year) ending prior to the inception or renewal of the policy, subject to a maximum limit of liability of Rs. 5 million, whichever is higher.
(b) such policies shall, without the written approval of the IBSL, have an excess or a deductible in an amount, which exceeds 2.5 per centum of the minimum limit of indemnity.

[B] Application for renewal of Registration should be made in the form provided by the IBSL and could be obtained from the IBSL or could be downloaded from the IBSL Web Site ibsl.gov.lk please note that the under-mentioned information/documents forms part of the application;
i. Statement of business transacted in the preceding financial year – Form (i)
i. Statement of business transacted in the preceding financial year – Form (i)
ii. Statement of outstanding premiums – Form (ii)
iii. Statement of business done by Agents – Form (iii)

[C] A fee of Rs. 25,000/- per class of insurance business and applicable government taxes (at present 15% VAT should be added to the renewal fee) should be sent with the Application.

[D] All information and documents requested in the application form should be furnished and if there are no items to be recorded please state “Not Applicable”.

[E] Failure to furnish the required information and documents may result in delays in granting the renewal of registration.
Please note that companies, which fail to renew the registration prior to the expiry date, are prohibited from acting or holding themselves out as insurance brokers and the names of such unregistered brokers will be notified to the insurers in terms of the RII Act.

[F] Names of all registered Insurance Brokers will be published in the newspapers periodically.

[G] Please note that Circular # 15 dated 29th October 2004 will have no effect from 7th September 2005.

Contact Us :
Director General
Insurance Board of Sri Lanka
Level 7-2, East Tower
World Trade Centre
Colombo 1