Assistant Director – Insurance Regulatory Commission

Assistant Director – Insurance Regulatory Commission

Job Overview

The Insurance Regulatory Commission of Sri Lanka (IRCSL) invites applications from suitably qualified, self-motivated, and experienced professionals for the position of Assistant Director – Market Conduct Supervision. This leadership role is responsible for strengthening market conduct regulation, consumer protection, ethical business practices, and supervisory oversight within Sri Lanka’s insurance industry.

Job Category: Insurance, Regulatory Affairs, Management, Finance

Position Details

Job Title: Assistant Director – Market Conduct Supervision

Company: Insurance Regulatory Commission of Sri Lanka (IRCSL)

Location: Colombo, Sri Lanka

Job Type: Full-Time

Company Overview

The Insurance Regulatory Commission of Sri Lanka (IRCSL) is the statutory regulator of the insurance industry in Sri Lanka. The Commission is responsible for supervising and regulating insurance companies, safeguarding policyholder interests, promoting industry stability, and ensuring compliance with applicable laws and regulations.

Qualifications & Experience

Educational Qualifications

Applicants must possess:

• A Bachelor’s Degree from a recognized university in:
  • Insurance
  • Finance
  • Accountancy
  • Business Administration
  • Or a related discipline

OR

• A professional qualification equivalent to a Bachelor’s Degree in a relevant field from a recognized institution.

Experience

• Minimum 6 years of post-qualifying relevant managerial experience in a reputed organization.

Key Responsibilities

• Develop and implement market conduct regulations, directives, guidelines, supervisory frameworks, and strategic initiatives.
• Conduct offsite surveillance and risk-based onsite examinations to identify unlawful or inappropriate market conduct practices.
• Assess and monitor market conduct risks and review market conduct assessment reports.
• Assist in the preparation and implementation of annual risk-based supervision plans and examination documentation.
• Conduct risk-based onsite examinations and prepare supervisory reports with recommendations and enforcement measures.
• Undertake thematic reviews and special studies on emerging market conduct issues and industry concerns.
• Standardize policy wording based on findings from onsite and offsite examinations to promote consumer protection and consistency across the market.
• Contribute to strategic planning and management of the division.
• Monitor and review monthly, quarterly, and annual reports as well as other performance reports.
• Provide guidance and training to staff and industry stakeholders on ethical business conduct.
• Prepare reports, policy papers, and documentation for the Commission.
• Assist in implementing projects, policies, regulatory initiatives, and statutory requirements.

Required Skills

• Strong leadership and managerial capabilities.
• Excellent analytical and problem-solving skills.
• Knowledge of insurance regulation and market conduct supervision.
• Ability to develop policies, frameworks, and regulatory guidelines.
• Strong report writing and presentation skills.
• Effective stakeholder management and communication skills.
• Ability to conduct risk assessments and regulatory examinations.
• High level of integrity, professionalism, and ethical standards.

Age Requirement

• Applicants should be below 40 years of age at the closing date of applications.
• Age limit does not apply to applicants from the Government Sector.

Salary & Benefits

Gross Salary and Allowances (Per Month)

• Basic Salary: Rs. 225,050.00
• Vehicle Allowance: Rs. 25,000.00
• Communication Allowance: Rs. 2,000.00

Additional Benefits

• Annual performance-based incentive
• Leave encashment
• Outdoor medical reimbursement
• Comprehensive indoor medical insurance
• Life and critical illness insurance
• Personal accident insurance cover equivalent to 60 months of basic salary
• Vehicle and distress loan facilities
• Sponsorship for higher studies
• Reimbursement of subscription fees for one professional institution

How to Apply

• Applications must be submitted using the prescribed online application form available through the IRCSL recruitment process.
• Only applications submitted through the prescribed method will be accepted.
• Hard copy and email applications will not be considered.
• Clearly indicate qualifications and experience relevant to the position.

Application Deadline

30 June 2026

Company Overview

The Insurance Regulatory Commission of Sri Lanka plays a vital role in maintaining a stable, transparent, and consumer-focused insurance industry. This position offers an excellent opportunity for experienced professionals to contribute to regulatory excellence while enjoying competitive remuneration and attractive employment benefits.

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