For a long while now the Industry has been requesting the Government to strengthen the regulatory and supervisory framework to allow the insurance industry to take up it's rightful place in the financial sector. The Insurance Amendment Act, 2006 brought the Insurance Regulatory Authority to life.

Certain sections of the Insurance Act, Cap 487 were amended effective Ist May, 2007 to allow for the Conversion of the Department of Insurance into an autonomous Insurance Regulatory Authority.