International Cricket update

Thursday, January 6, 2011

Sri Lanka Government to further regulate insurance industry - Asian Tribune

Speaker Chamal Rajapaksa presided, when the Sri Lanka Parliament met at 1pm yesterday. Starting the day’s program, Sri Lanka Muslim Congress (SLMC) Vanni District member Muthali Bawa Farooq was sworn in as a Member of Parliament to fill in the vacant seat created by the death of former MP Noordeen Mashoor.

Addressing the Parliament, Mavai S. Senathirajan (MP - Illankai Tamil Arasu Kachchi) made a statement in Tamil in par with the standing order 23 (2). During his speech, Senathirajan expressed concern over the growing trend of abductions, harassments and killing reported from Northern Province. He urged that necessary steps be taken immediately to stop the dangerous development unleashed by the unidentified gunmen.
In response, Leader of the House of Parliament and Minister of Irrigation and Water Resources Management Nimal Siripala de Silva said: “It is very unfortunate that we have not been served with a copy of this statement of the speech up to now. If a statement was given, the government would have verified the veracity of the contents. A copy should have been sent to the office of the Leader of the Parliament House, which is the procedure. We can’t give a response today. But will response in due course.
Speaker said: “According to standing orders, the respective Minister should have been kept informed. However, the response will be given on a future date as a notice of the Minister. During a recent Party Leaders meeting we agreed to give a date for a debate on this topic.”
Moving forward, Opposition Leader Ranil Wickramasingha raising a point of order said: “In Daily Mirror newspaper it was published that ‘Ranil wants a motion against Dinesh and Basil’. Let me tell you in brief what I said yesterday. According to my knowledge lot of discussions took place in preparing the Local Government Bill, which was gazette in October 2010. Even after that, all of us discussed about it. But yesterday it was said that based on errors the bill was postponed. Then how come it was approved by the Cabinet? So, I asked the respective Minister and Rauf Hakeem about what is lacking in the bill. So, I said what I proposed was that to bring in a no confidence against the responsible Ministers. I did not say that I am bringing.”
A motion was moved by Malani Fonseka (MP - United People's Freedom Alliance) to incorporate the Lester James Peiris and Sumithra Peiris Foundation. The motion was seconded by J. R. P. Suriyapperuma (MP – UPFA).
Moving to main agenda of the day Parliament took Regulation of Insurance Industry (amendment) bill for debate. This proposed bill will amend the Regulation of Insurance Industry Act number 43 of 2000.
Opening the debate, International Monetary Cooperation Senior Minister Sarath Amunugama said:"
Insurance is also as important as the banking field. But we have concentrated less on regulating the insurance field. There is a close connection between the Insurance and the banking field. There are financial crisis in the insurance field as well as in the banking field. We move this motion to amend the Act to regulate the insurance sector. The Government is unable to uplift the insurance field without regulating it. Due to various administrative defects, it is clear that insurance coverage is not provided properly. We have granted a grace period of three years to insurance companies, under this amendment, to regulate their companies.”
Eran Wickramaratne (MP – United National Party) said: “Our policy is that all these institutions involving the financial sector should be regulated. The period given to the companies to regulate them is not sufficient. In principle, we don't agree with the imposing of laws that would affect existing insurance companies that are functioning well. I suggest that new laws should be dealt with the new companies, sparing those companies that are existing.”
Deputy Minister of Health Lalith Dissanayake said: “Under these new amendments, the avenues for fraudsters such as Sakvithi to cheat the public are closed.”
Harsha de Silva (MP -UNP) said: “Today the price of a coconut is Rs 70. Although much profit is gained from the share market, it is useless if the public cannot buy coconuts at a cheaper price. The Amendment Bill is an appreciable one. Expect for one fact, we agree with other amendments in the Bill. There are 33 insurance companies, including the five major companies. My view is that we don't need so many insurance companies for a small country as ours. Although the Parliament complex went under water during the rainy season, it was not a problem to us as we had an insurance coverage. But during the same rainy season, a large number of shop owners in the country were affected. Some of them had to close their businesses due to loss. We should have a mechanism to urge them to get an insurance cover.”
The House took up the State of Emergency Regulations for debate after the completion of the Regulation of Insurance Industry (Amendment) Bill debate.
Prime Minister D. M. Jayaratne addressing the Parliament said: The people who had suffered from the 30-year brutal war, have fresh hopes now. Both, the Northern and Eastern provinces are booming with large scale development projects, enabling the people to spend their lives in peace. But it is reported that terrorist activities are still emerging in a different manner. So it is our responsibility to act vigilantly, not allowing it to raise its ugly head once again. The LTTE network is being strengthened internationally. Many foreign countries and several NGOs provide funds to improve its activities. We have initiated a program to enhance diplomatic ties with foreign countries through our diplomatic missions abroad. We have also decided to provide financial grants to religious places of worship destroyed by war.
It is necessary to help and protect these religious leaders who had sacrificed their lives to safeguard religious places during the war.”
Parliament extended emergency regulations for another one month backed by a majority of 111 votes out of 134 total votes. Some 23 members of parliament voted against the extension of emergency regulations.
By Ashwin Hemmathagama – Our Parliament Correspondent
Colombo, 06 December, (Asiantribune.com):
- Asian Tribune -

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