The FSC licenses, under the Insurance Act (IA), insurance/reinsurance companies as well as insurance service providers (Insurance Broker, Insurance Agent (company /individual), Insurance Manager, Insurance Salesperson and Claims Professional) to conduct insurance business activities.

The IA is aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and focuses on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.

Total assets and gross premium of insurance companies continued to follow an increasing trend over the past years. Total assets showed a growth of 15% to reach Rs 88.54 bn in 2010 as compared to Rs 76.79 bn in 2009. Gross premiums rose by 19% from Rs 14.75 bn in 2009 to Rs 17.54 bn in 2010.

Applying for a licence - Insurance

Register of Licensees