Monies for the fund will come on quarterly basis from a 0.2 percent cess on Life Funds and 0.4 percent cess on premium incomes of the General Funds, Insurance Board of Sri Lanka Director General, Dr. Dayanath Jayasuriya said Friday.
rnrnPremium incomes for 2001 stood at Rs. 16,858 mn or a 1.2 percent of GDP. Premiums from general insurance was 55.6 percent and life insurance 44.4 percent.
rnrnMeanwhile, IBSL has appointed a committee to review the motor insurance market. Motor tariffs were deregulated in January, but the industry raised insurance premiums from 30 percent onwards in August.
rnrnTo fill a void on the lack of industry specific accounting standards, the IBSL has given a grant to the Institute of Chartered Accountants of Sri Lanka to draw up necessary legislations.rn