The Association was established in 1989 and membership in open to any corporation set up under the Insurance Corporation act No. 2nd of 1961 and the Insurance (Special Provisions) Act No. 22nd of 1979 or any company incorporated under Companies Act, No. 17 of 1982 and registered under the provisions of the current legislation to transact General and or Life and or Reinsurance business.

Primary Objectives of the Association is to promote amongst members the adoption of standard principal and practices relating to Policy Wordings, Terms and Conditions of Insurance, Accounting, Tariffs, Agencies, Reinsurance, Recruitment, Educational and Training of Employers/ Field Officers.

The Management and Administration of the Association is vested in an Executive Committee elected at an Annual General Meeting. The Executive Committee (EXCO) has the power to manage the affairs of the Association, it's property and funds and to make rules, regulations and by-laws for the proper management of the affairs of the Associations and the promotion of its objectives.

The EXCO appoints Technical Committees in respect of the Main Classes of Insurance business and/ or Department of Divisions of an Insurance Company. These Committees meet on a regular basis. Each Technical Committee has one representative each from Insurers in the related class or category to deal with any technical matter in the relevant field and make it's recommendation to the committees for it's consideration, approval and implementation as applicable.

The EXCO also appoint Committees or Sub Committees to deal with any purpose connected with or incidental to the objectives of the Association.