Insurance business in Sri Lanka is now in hands of the private sector. As at January 2006 there were fourteen (14) private sector companies operating insurance business in the country. To operate insurance business in Sri Lankayou have to meet the requirements laid down by the Insurance Board of Sri Lanka (IBSL) and obtain a licence from IBSL and be subject to its regulations and supervision.
The Insurance institutions that are voluntarily participating in the Ombudsman scheme are only those regulated and supervised by the Insurance Board of Sri Lanka. They are also all, members of the Insurance Association of Sri Lanka (IASL). Currently they consist of the following:
Asian Alliance Insurance Co. Ltd.
Ceylinco Insurance Co. Ltd.
Co-operative Insurance Co. Ltd.
Eagle Insurance Co. Ltd.
Hayleys AIG Insurance Co. Ltd.
HNB Assurance Ltd.
Janashakthi Insurance Co. Ltd.
Life Insurance Corp. Lanka Ltd.
Sanasa All Lanka Mutual Assurance Organisation Ltd.
Sri Lanka Insurance Corp. Ltd.
Union Assurance Ltd.
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