Call to abolish workmen's compensation insurance

INSURANCE: The Insurance Association of Sri Lanka (IASL) has made representations to the Insurance Board of Sri Lanka (IBSL) requesting that the tariff on Workmen's Compensation Insurance (WCI) / Employers' Liability Insurance be abolished, since the limit of compensation provided under the Workmen's Compensation (Amendment) Act has now been increased and the tariff on fire insurance and motor insurance where the magnitude of risks are higher have already been abolished by the IBSL.

The IASL is of the view that WCI should be de-tariffed in order to facilitate the insurers to decide individually on additional covers, such as 24 hours cover, which may benefit workmen who are covered under WCI.

The IBSL invites views from interested parties in relation to the abolition of tariff on WCI.

Written representations could be made before 30 June, Insurance Board of Sri Lanka, e-mail: [email protected]