Submission of Annual Returns and Actuarial Abstracts as at 31st December 2017


Section 47 (1) & 56 of the Regulation of Insurance Industry Act, No. 43 of 2000 (Amended....) - Annual Returns of Insurance Companies.

An insurance company shall, for every financial year commencing from the first day of January 2016, furnish to the Insurance Regulatory Commission of Sri Lanka (IRCSL), its annual returns in accordance with the revised formats (revised to be in line with the Solvency Margin (Risk Based Capital) Rules, 2015 of 06th September 2017.

Such returns are required to be furnished to the Commission within four months after the closure of the financial year along with statements of holding issued by the Central Bank of Sri Lanka in respect of investments made in Government Securities. The first submission should be made to the Commission on or before 31st May 2017 for the financial year ended 31st December 2016.

Determination 14 -

Annual Return comprises of the following:

  1. Balance Sheet and Statement of Income - GI
  2. Balance Sheet and Statement of Income - LTI
  3. Determination 1 - GI
  4. Determination 1 - LTI
  5. Solvency Margin (RBC) - GI
  6. Reserve Report - GI
  7. Risk Assessment Report
  8. Audited Financial Statments
  9. Other Annual Forms
  10. Compliance Certification (A) - GI
  11. Compliance Certification (A) - LTI
  12. Compliance Certification (B) - GI / LTI
  13. Circular 29
  14. Management Letter

** GI - General Insurance

    LTI - Long Term Insurance

Determination 15 - Section 48 (1) of the Regulation of Insurance Industry Act, No. 43 of 2000 - Actuarial Abstract of Insurance Companies

An insurance company carrying on long term insurance business shall, cause an abstract to be made by an actuary for every financial year commencing from the first day of January 2016, according to the revised formats (revised to be in line with the amendments made to the Solvency Margin (Risk Based Capital) Rules, 2015).

The abstract is required to be submitted to the Commission within four months after the closure of the financial year. The first submission shall be made to the Commission on or before 31st May 2017 for the financial year ended 31st December 2016. However, the subsequent submission are required to be furnished to the Commission on or before 30th April each year commencing from financial year ending 31st December 2017.

Actuarial Abstract comprises of the following:

  1. Solvency Margin (RBC) - LTI
  2. Actuarial Report and Abstract - LTI

Following chart discloses the submission dates of the above mentioned returns by insurance companies:

 

Insurance Company Date of Submission
1 AIA Insurance Lanka PLC 27/04/2018
2 Allianz Insurance Lanka Limited -
3 Allianz Life Insurance Lanka Limited 15/05/2018
4 Amana Takaful Limited 04/07/2018
5 Amana Takaful Life PLC 02/05/2018 (Partly Submitted)
6 Arpico Insurance Limited 04/05/2019
7 Ceylinco Life Insurance Ltd.    03/07/2018
8 Ceylinco General Insurance PLC  27/04/2018
9 Continental Insurance Lanka Limited 27/04/2018
10 Cooperative Insurance Company Limited 27/04/2018 (Partly Submitted)
11 Cooplife Insurance Limited 27/04/2018
12 Fairfirst Insurance Co. Ltd. 03/05/2018 (Partly Submitted)
13 HNB Assurance PLC 27/04/2018
14 HNB General Insurance Ltd 27/04/2018
15 Janashakthi Insurance PLC 31/05/2018 (Partly Submitted)
16 Janashakthi General Insurance Ltd 01/05/2018
17 Life Insurance Corporation (Lanka) Limited 26/04/2018 (Partly Submitted)
18 LOLC Life Assurance Ltd. 27/04/2018
19 LOLC General Insurance Ltd. 27/04/2018
20 MBSL Insurance Company Limited 11/05/2018 (Partly Submitted)
21 National Insurance Trust Fund 01/06/2019
22 Orient Insurance Limited 27/04/2018
23 People's Insurance Limited 27/04/2018
24 Seemasahitha Sanasa Rakshana Samagama 21/06/2018
25 Softlogic Life Insurance PLC 02/05/2018
26 Sri Lanka Insurance Corporation Limited 27/04/2018
27 Union Assurance PLC 27/04/2018

 

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