The proposal to create a South Asian Insurance Regulatorsâ Forum was initiated by Dr. Dayanath Jayasuriya, Director General of the Insurance Board of Sri Lanka (IBSL) at the Annual Conference of International Association of Insurance Supervisors in Bonn, Germany in 2001. Thereafter, the first meeting of the SAIRF was hosted by the Insurance Board of Sri Lanka (IBSL) in Colombo, Sri Lanka on 19-20 December 2001. The forum was attended by Insurance regulators from India, Nepal, Maldives, Sri Lanka and Bhutan.
The objective of the forum was to promote cooperation among South Asian Insurance Regulators to facilitate regulatory activities; the sharing of information and experiences; harmonization of legislative approaches and financial reporting systems. Since then, FISD officials have undergone training in Insurance in Sri Lanka and India.
Currently, the SAIRF member consists of Bangladesh, India, Nepal, Maldives, Sri Lanka and Bhutan. The fourth SAIRF meeting was hosted by the Royal Monetary Authority of Bhutan on 10th April 2006 in Thimphu, Bhutan. The meeting was attended by Insurance regulators from India, Nepal, Sri Lanka and Bhutan.