Central Bank of Sri Lanka - Sri Lanka Insurance Scheme Regulations, No. 1 of 2010

The Parliament of Sri Lanka's Monetary Law Act charges the Central Bank of Sri Lanka with the duty of securing two objectives, namely economic and price stability and financial system stability in the country. Furthermore, through the Finance Companies Act, the Central Bank may operate a scheme for insurance of deposits held by registered finance companies and require such finance companies to insure their deposit liabilities under the scheme or under any other scheme as is specified by the Monetary Board. The Deposit Insurance Scheme, as outlined in these regulations, will be implemented in the interest of the overall financial system stability of the country, and it will initially outline a mechanism to protect small depositors from failure of financial institutions, thereby promoting the stability of financial institutions by maintaining small-depositor-confidence. The regulations are divided into several parts, and cover the following topics:

1. Member Institutions to be Governed by the Scheme
2. Eligible Deposits to be Insured
3. Premium to be Levied on Insured Deposit
4. Deposit Insurance Fund
5. Investments of Moneys in the Funds
6. Compensation on Insured Deposits
7. Books and Accounts of the Scheme

Document Details

Document Type: 
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Year of Document: 
2010
Date of Document: 
Friday, October 1, 2010
Document Authors: 
Central Bank of Sri Lanka
Language (This Document): 
English

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