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The cabinet of ministers last week accepted a proposal made by Finance Minister Ravi Karunanayake to instruct the Legal Draftsman to finalize the bill relating to the Regulation of Insurance Industry Act which will provide a level playing field for foreign and local insurance companies.

The cabinet of ministers has granted the approval in 2013 to make several amendments including changing the Insurance Board of Sri Lanka into Insurance Regulatory Commission of Sri Lanka, and accordingly the amended bill has been prepared by the Legal Draftsman.

Minister Karunanayake’s proposal to instruct the Legal Draftsman to finalize the bill by adding the amendments recommended by the Insurance Board and to present the bill in parliament after obtaining the clearance of the Attorney General was approved by the cabinet of ministers.