Instructions to show separately the amount of direct and indirect taxes paid by the insurance industry
Pay due attention to foreign insurance companies used for reinsurance
Instructions to present annual reports of Regional Development Bank (RDB) within one month
Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis recommended to the Insurance Regulatory Commission to make regulations within one month to amend laws in a client-protection manner.
This was recommended when the sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis met in Parliament recently (16) under the chairmanship of Member of Parliament Hon. Gamini Valeboda.
Officials representing the Insurance Regulatory Commission and Regional Development Bank (RDB) were summoned for this committee.
The chairman of this Committee also pointed out that if the industry is to be protected, the insurance holder must be protected. Due to this, he pointed out that necessary steps should be taken to amend the necessary laws for above purpose. Also, the Committee recommended paying due attention to the foreign insurance companies that have been used for reinsurance. Also, the Committee proposed to create an action plan for the Insurance Committee under the preview of the Insurance Regulatory Commission for the next five years.
In addition, the Regional Development Bank (RDB) was also summoned to this Committee and the delay in presenting the annual reports of the institution to the Parliament was discussed here. Thus, the Committee advised to present the annual reports of the years 2020 and 2021 to the Parliament within one month.
The Committee also instructed to inform the Secretary of the Ministry of Finance about the currently vacant chairmanship of the Regional Development Bank (RDB). Members of Parliament Hon. Sahan Pradeep Withana, Hon. (Major) Sudarshan Denipitiya, Hon. Chinthaka Amal Mayadunne, Hon. Samanpriya Herath, Hon. Manjula Disanayake, Hon. Gayashan Nawananda, Hon.Rohini Kavirathna, Hon. Jagath Samarawikrama, Hon. Vadivel Suresh, Hon. W.H.M. Dharmasena participated at the meeting.
