Colombo (LNW): The Sectoral Oversight Committee (SOC) on Alleviating the Impact of the Economic Crisis has recommended the Insurance Regulatory Commission to enact client-protection regulations within one month.
Chaired by Member of Parliament Gamini Waleboda, the committee emphasised the need to protect insurance holders to safeguard the industry.
The SOC also urged attention to foreign insurance companies used for reinsurance and proposed a five-year action plan for the Insurance Committee under the Insurance Regulatory Commission.
Additionally, the Regional Development Bank (RDB) was advised to present its delayed annual reports for 2020 and 2021 to Parliament within one month.
The Committee also highlighted the vacant chairmanship at RDB, instructing notification to the Secretary of the Ministry of Finance.
MPs Sahan Pradeep Withana, Major Sudarshan Denipitiya, Chinthaka Amal Mayadunne, Samanpriya Herath, Manjula Disanayake, Gayashan Nawananda, Rohini Kavirathna, Jagath Samarawikrama, Vadivel Suresh, W.H.M. Dharmasena attended the meeting.
