Institutional Information
Sri Lanka Insurance Corporation Life Limited was incorporated on 11th October 2023 under the Companies Act No.07 of 2007, bearing Company Register No. PB00286362.
Registered Office
- Sri Lanka Insurance Corporation Life Ltd.
No. 21, Vauxhall Street, Colombo 2.
Board of Directors
The Board of Directors as at the reporting date is as follows:
- Mr. Nusith Kumaratunga - Chairman / Director
- Mr. Dushmantha Thotawatte - Director
- Mr. Rohan Buultjens – Director
- Mr. Neil Unamboowe, PC - Director
- Mr. Somadasa Palihawadana – Director
- Mr. Thushara Rodrigo - Director
Legal Form
Sri Lanka Insurance Corporation Life Limited (SLICLL) is a limited liability company incorporated under the Companies Act No. 7 of 2007, with Sri Lanka Insurance Corporation Limited as its sole shareholder. The company’s incorporation was maintained by the Regulation of Insurance Industry (Amendment) Act No. 3 of 2011, which required all composite insurers to separate their long-term life insurance and general insurance businesses into separate legal entities. SLICLL operates as a licensed long-term (life) insurer under the Regulation of Insurance Industry Act No. 43 of 2000 (as amended) – the principal statute governing the insurance sector in Sri Lanka.
Subsidiaries
Updated details will be available soon
Sub-Subsidiaries
Updated details will be available soon
Operational Information and Decision Making
The Company, through its Board of Directors and Board sub-committees maintain a governance framework in all areas of its operations, including formalized policies, procedures, guidelines, and relevant management reporting lines.
Being a State Owned Enterprise (SOE), the Board of Directors acts as an intermediary between the State as the main shareholder, and the Company and its management. The Board is responsible for the overall stewardship and provides leadership both directly and indirectly through the Board sub-committees, to deliver long-term value to the stakeholders. The main role of the Board of Directors is oversight and planning. The Company’s financial and commercial performances are regularly assessed by the Board. In addition, the Board reviews and assesses the adequacy of the management of all risks the Company may be exposed to.
The establishment of Board committees has been instrumental in enhancing the efficiency of the Board and adds value to the Board in the fields of audit, compliance, investment, human resources, and risk management etc. To assist the board’s oversight, planning, and decision-making functions, the Board has established four sub-committees: the Audit and Compliance Committee, the Risk Management Committee, the Investment Committee, and the Human Resources Committee. The Committees are governed by board-approved charters, policies, and procedures, and report to the Board at periodic board meetings.
In addition to the above-mentioned Board Sub-Committees, in order to assist the CEO, other operational committees include the Reinsurance Committee, Audit Follow-up Committee, the Branch Management Outlook Committee, the Management Committee, the Legal Committee, and the Sales & Marketing Review Committee, all of which play an essential role in the governance structure. Members are drawn from within the company and in accordance with their relevant areas of expertise.
The internal control framework of the company encompasses the policies, procedures, processes, tasks and behaviours. The Company has an internal audit function, which has a reporting line to the Chairman of the Board and the Chairman of the Audit and Compliance (ACC) Committee. The ACC receives reports from this function at each committee meeting. In addition, the Company adopts a holistic view on Enterprise Risk Management (ERM) pertaining to four main risks; namely, strategic, financial, operational and hazard.
Public Policy, Legislation and Regulation
The legal framework of SLIC is highly complex as plethora of laws, rules and regulations are applicable. On one hand, SLIC is a limited liability company registered under the Companies Act and accordingly obliged to comply with the Companies Act, No.07 of 2007. Being a limited liability company, we are also obliged to comply with other applicable laws, rules & regulations which include Shop & Office Act, Termination of Employment Act, Inland Revenue Act and Intellectual Property Act etc.
Further, being an insurance Company we are obliged to comply with the Regulation of Insurance Industry Act, No.43 of 2000 as amended. Under the Act, the IRCSL has issued Determinations, circulars, directions and many other rules and regulations. We submit reports to the regulators periodically like quarterly, half yearly and annually. Further, being an insurance company, we are obliged comply with the Prevention of Money laundering laws of the country. In addition, being an insurance Company, we are obliged to comply with the Corporate Governance 2017 ( as amended ) issued by the SEC & ICASL.
On the other hand, being a Government entity we are obliged to comply with certain legal requirements like Right to Information Act, Assets and Liability Declaration Act, Official Languages Laws applicable to Public Enterprises based on the Constitution and the relevant certain circulars of the Ministry of Finance etc.
As per the statutory provisions stipulated in Companies Act, No. 7 of 2007, Financial Transactions Reporting Act, No. 6 of 2006, Value Added Tax Act, No. 14 of 2002 as amended, Economic Service Charge Act, No.13 of 2006 as amended, Regulation of Insurance Industry Act, No. 43 of 2000 and Right to Information Act, No.12 of 2016 the company keeps records and databases in the manner given below;
| Section/Source | Requirements | Responsible Department / Person |
|---|---|---|
| Section 116 (1) of the Companies Act, No. 7 of 2007 |
Documents to be Kept Under the Company SecretaryThe following documents should be kept under the custody of the company secretary for a period of ten years: (a) the certificate of incorporation and the articles of the company, (b) minutes of all meetings and resolutions of shareholders passed within the last ten years, (c) an interests register, unless it is a private company which is dispensed with the need to keep such a register, (d) minutes of all meetings held and resolutions of directors passed and directors’ committees held within the last ten years, (e) certificates required to be given by the directors under the Act within the last ten years, (f) the register of directors and secretaries required to be kept under section 223, (g) copies of all written communications to all shareholders or all holders of the same class of shares during the last ten years, including annual reports prepared under section 166, and (j) the share register required to be kept under section 123. |
Company Secretary |
| Section 116 (1) of the Companies Act, No. 7 of 2007 |
Documents to be Kept Under the CFO and Department HeadsThe following documents should be kept under the custody of CFO and department heads for a period of ten years: (h) copies of all financial statements and group financial statements required to be completed under the Act for the last ten completed accounting periods of the company, (i) the copies of instruments creating or evidencing charges and the register of charges required to be kept under sections 109 and 110. |
CFO, AGM (Legal) and Department Heads |
| Section 148 (1) of the Companies Act, No. 7 of 2007 |
Keeping Accounting Records-CFOEvery company shall keep accounting (Section 116 (1)(k): the accounting records required to be kept under section 148 for the current accounting period and for the last ten completed accounting periods of the company) records which correctly record and explain the company’s transactions, and will- (a) at any time enable the financial positions of the company to be determined with reasonable accuracy; (b) enable the directors to prepare financial statements in accordance with the Act; and (c) enable the financial statements of the company to be readily and properly audited. In terms of section 148(2) without limiting the provisions contained in subsection (1) of section 148, the accounting records shall contain- (a) entries of money received and expended each day by the company and the matters in respect of which such money was spent, (b) a record of the assets and liabilities of the company ,(c) if the company’s business involves dealing in goods- (i) a record of goods bought and sold, except goods sold for cash in the ordinary course of carrying on a retail business that identifies both the goods and buyers and sellers and the relevant invoices; (ii) a record of stock held at the end of the financial year together with records of any stock takings during the year; (d) if the company’s business involves providing services, a record of services provided and relevant invoices. |
CFO |
| Section 4 of Financial Transactions Reporting Act, No. 6 of 2006 |
Keeping Records Pertaining to FIURecords of transactions and of correspondences relating to transactions, records of all reports furnished to the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka and records of identity of customers (sufficient to identify name, address, details of the transaction etc.) should be kept for six years, unless the FIU directs otherwise. |
(Life, Risk Management, Finance, Internal Audit, HR and Compliance) |
| Section 64 of the Value Added Tax Act, No. 14 of 2002 |
Records in Respect of Taxable Activity-VATEvery registered person shall keep and maintain records in respect of the taxable activity carried on or carried out by him to enable the Commissioner-General or any other officer authorised by the Commissioner-General or that behalf to ascertain the liability for the payment of the tax. |
CFO |
| Section 8 of the Economic Service Charges Act, No. 13 of 2006 |
Keeping Records-ESCEvery person and partnership chargeable with the service charge shall maintain a record of the transaction of every trade, business, profession or vocation carried on or exercised by such person or partnership, in such manner as would facilitate the reconciliation of the return of relevant turnover furnished by such person or partnership under section 7 of this Act, with such record. |
CFO |
| Section 47 of the Regulation of Insurance Industry Act, No. 43 of 2000 (RII Act) |
Keeping Records-RII ActAn insurer shall prepare and maintain its accounts in such form and manner as may be determined by the Board by rules made in that behalf. The auditor shall state in its report whether the accounting records of the Insurer have been maintained in the manner required by the rule made by the Board in that behalf, so as to clearly indicate the true and fair view of the financial position of the Insurer. |
CFO |
| Section 07 of the Right to Information Act, No.12 of 2016 |
Keeping Records-RI ActAll records being maintained by every public company shall be preserved – (a) In the case of those records already in existence on the date of coming into operation of this Act, for a period of not less than ten years from the date of coming into operation of the Act; and (b) In the case of new records which are created after the date of coming into operation of this Act, for a period of not less than twelve years from the date on which such record is created. No record or information which is the subject matter of a request made under this Act, shall be destroyed during the pendency of such request or any appeal or judicial proceeding relating to such request. |
Information on Publications
The company's annual report is available for free on the company's website.
Information About The Right to Information
Procedure of initiating requests for information
- 1. Requests for Information should be made to the following Information Officer by completing and handing over a request preferably in the manner prescribed in the Form RTI 01 although this is not mandatory.
Life Insurance
Right to Information Officer
Ms. Manjula Jayathilake
Senior Manager - Legal (Claims)
Designated Officer
Mr. Dr Dayaratne Perera
Chief Officer
Sri Lanka Insurance Corporation Life Ltd,
No. 21, Vauxhall Street, Colombo 02
- 2. If the applicant is not satisfied by the decision given by the Information Officer, an appeal can be made to the Designated Officer, subject to the provision in the Right to Information Act 12 of 2016 in situations where
- i) The Information Officer refuses a request made for information
- ii) The Information Officer refuses access to the information on the ground that such information is exempted from being granted under Section 5
- iii) Non -compliance with timeframes specified in the Act
- iv) The Information Officer granted incomplete, misleading or false information
- v) The Information Officer charged excessive fees
- vi) The Information Officer refused to provide information in the form requested
- vii) The citizen making the request had reasonable grounds to believe that information has been deformed, destroyed or misplaced to prevent him/her from having access to the information An appeal to the Designated Officer is to be made within 14 days
Budget, Financial Information/ Actual Income & Expenditure
The Department of Finance is primarily responsible for preparation of the company's budget with the assistance of other departments.
Please refer to the Financial Reports section comprised in the Company Annual Reports.
Audit Reports
The report of the Independent Auditors is included in the Annual Report of the Company. The Auditor General is functioning as the Company's Auditor.
Executive salary-minimum and maximum Click Here
Non-Executive salary-minimum and maximum Click Here
Organizational Information
The details of the senior management team is included in the Company’s Annual Report.