The Insurance Appeals Tribunal was established under Section 136 of the Insurance Act 2017 and became operationalized on the 25th of June 2019 (Under section 137(7) of the Insurance Act, No. 6 of 2017). 

Members of the Tribunal were appointed by the Minister of Finance in November 2021 and were inaugurated in office in March 2022. It has jurisdiction to review, on application, the specified decisions made by the Insurance Regulatory Authority (IRA); and to hear and determine a question or issue arising out of or in connection with a review. It consists of the chairperson and four ordinary members. Its statutory purpose is to ensure that the relevant regulatory decisions made by the IRA are reasonable and fair. 

The Tribunal is empowered to make a range of orders under the Insurance Act in relation to its review proceedings. Every sitting of the Tribunal is held in public unless the Tribunal determines that in the interests of justice a sitting, or a part of the sitting, must be held in private.