Connect with us

News

Low penetration enables great leap forward for insurance industry:Ronald Perera

Published

on

by Hiran H.Senewiratne

Sri Lanka’s insurance penetration is less than two percent of the total population and there was enormous potential to grow this sector. However, motor insurance is doing well because every single vehicle owner  has to obtain a  vehicle insurance policy, newly appointed Chairman of Sri Lanka Insurance Corporation Ltd  Ronald Perera, PC, said.

 “Penetration of life insurance is  less than  two percent of the total  population. Therefore we have to go to villages to  promote and encourage people to obtain life insurance policies, especially health insurance cover to provide them with a comprehensive health coverage. This is true especially for young people who are already employed or engaged in any business,” Perera said at an event where he was welcomed by its  staff and well-wishers as the  26th Chairman of the Sri Lanka Insurance Corporations (SLIC) on Thursday.The event was held at the SLIC head office at Vauxhall Street, Colombo.

He said that in the 1980s the insurance field was liberalized enabling private and foreign insurance companies to enter the market. Today there are 27 insurance companies in Sri Lanka of which SLIC enjoyed the number one position despite being a government entity.

 “Government institutions are subject to strict rules and regulations. At times we are not in a position to buy equipment for the company due to those rules. Therefore, we cannot take decisions like other private or foreign insurance company. Despite these odds and challenges, we have been able to maintain the number one positions in the insurance field,” .Perera said,

He also said that to penetrate into the youth market, new innovation and the latest technology has to be used. This is especially so with regard to health insurance policies because such cover enables youth to work without fear for their lives.

“This being a competitive industry we have to embrace new technology together with innovations. If not we cannot exist in the market because the technology will overrun the industry. This happened to companies like  Kodak and Polaroid in the photography industry where digital technology took over.”

Sri Lanka Insurance has all the potential of being the largest insurance company with a highly skilled work force and with an excellent brand image, he added.



News

CEB trade unions hint at stringent industrial action after talks fail

Published

on

Trade unions of the Ceylon Electricity Board (CEB), backed by the powerful Ceylon Electricity Board Engineers’ Union, have warned of accelerated trade union action following the collapse of crucial discussions held on Monday (16) with the CEB Chairman, who also serves as Secretary to the Ministry of Power and Energy.

The issue is expected to take centre stage at today’s press conference, with unions signalling that a token strike, possibly a 12-hour countrywide action, could be staged next week unless authorities urgently intervene.

The meeting earlier this week ended without what union representatives described as any “positive or constructive outcome.”

Trade union leaders expressed disappointment that their key concerns had not been substantively addressed during discussions with the Chairman.

At the heart of the dispute is the unions’ demand for a collective agreement in accordance with Section 18(j) of the Sri Lanka Electricity Act No. 36 of 2024. Trade union representatives maintain that the law provides for structured engagement between management and employees and that a formal collective agreement is necessary to ensure transparency and industrial stability within the institution.

The unions also submitted what they termed a reasonable proposal to safeguard the CEB Employees’ Provident Fund (EPF), voicing concerns over the long-term security of workers’ retirement benefits.

However, according to trade union sources, those proposals were not adequately taken up during the discussions.

A senior electrical engineer told The Island that further internal consultations were being held to decide the next course of action. “There is growing frustration among employees. The issues raised are fundamental and relate directly to statutory compliance and the financial security of staff,” he said.

The Island learns that unless there is meaningful engagement from the authorities, the proposed token strike could mark the beginning of more stringent industrial action.

Energy sector observers warn that any escalation of trade union unrest at the CEB could have serious implications for the country’s power sector stability at a critical time.Further developments are expected following today’s media briefing.

By Ifham Nizam

Continue Reading

News

PM reveals allowances and perks available to MPs

Published

on

Prime Minister Dr. Harini Amarasuriya yesterday (19) revealed allowances and benefits provided to Members of Parliament at present.She did so while responding to a question raised by Samagi Jana Balawegaya MP Chaminda Wijesiri.

According to the disclosure:

An MP receives a monthly allowance of Rs. 54,285, with an entertainment allowance of Rs. 1,000 per month.

Driver allowance is Rs. 3,500 per month; however, if the MP is provided with a driver by the Ministry of Public Security and Parliamentary Affairs, no driver allowance is paid.

Telephone allowance is Rs. 50,000, while transport allowance is Rs. 15,000 per month.

Office allowance amounts to Rs. 100,000.

MPs attending parliamentary sessions receive Rs. 2,500 per day, while Rs. 2,500 per day are given for MPs attending committee meetings on non-sitting days.

Meanwhile, Members of Parliament also receive a fuel allowance based on the distance from their elected district to Parliament.

For national list MPs, this is calculated as 419.76 liters of diesel per month, paid at the approved market rate on the first day of each month.Dr. Amarasuriya also emphasised that these allowances are structured to cover official duties and transportation costs.

Continue Reading

News

CID expresses regret to Natasha; IGP to issue guidelines on ICCPR arrests

Published

on

Former OIC of the Cyber Crime Investigation and Intelligence Analysis Unit of the CID, M.M.U. Subhasinghe, yesterday expressed his regret in writing to civil activist and comedian Natasha Edirisooriya at the Supreme Court regarding her arrest under the International Covenant on Civil and Political Rights (ICCPR) Act.

The Attorney General’s Department, appearing on behalf of the respondents, informed the court that the IGP would issue a set of guidelines via a circular to all police officers to prevent unlawful arrests under this Act in the future. It was further noted that the circular would be issued within two weeks, and the petitioner, Natasha Edirisooriya, has examined and agreed to these guidelines.

These submissions were made yesterday before a three-judge bench of the Supreme Court, led by Chief Justice Preethi Padman Surasena, during the hearing of the Fundamental Rights (FR) petition filed by Edirisooriya challenging her unlawful arrest.

Following these developments, the court ordered the respondents to inform the court via a motion within two weeks of issuing the IGP’s circular and ordered the conclusion of the case proceedings.

Natasha Edirisooriya was present in open court yesterday. Addressing her, Chief Justice Surasena stated that the court appreciates the manner in which the legal proceedings were brought to a conclusion.

The letter expressing regret stated: “As the arresting officer, considering the totality of circumstances, I wish to express deep regret to you for the arrest on 27th May 2023 and your incarceration in remand custody till 5th July 2023 consequent thereto. I also extend my deep regret regarding the damage that may have been caused to your reputation and dignity, and mental and emotional trauma caused by the arrest and incarceration.”

The respondents agreed to express this regret and issue the circular based on the specific conditions put forward by Edirisooriya in consultation with her counsel Suren Fernando and the legal team.

By AJA Abeynayake

Continue Reading

Trending