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Sri Lanka Insurance embarks on a new era: Legal segregation marks a historic milestone
Sri Lanka Insurance Corporation, the pioneering insurance giant with a rich history spanning over 60 years, has officially entered a new chapter with the legal segregation of its Life and General insurance businesses. This monumental decision, in compliance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL), takes effect from February 1, 2024.
Founded as the state-owned insurer, Sri Lanka Insurance played a pivotal role in shaping and establishing the insurance industry in the country, paving the way for private sector insurers. Over the past six decades, it has emerged as the strongest and largest insurer, contributing significantly to the nation’s development by safeguarding lives and assets and creating substantial job opportunities, particularly for the youth.
A momentous event to mark this historic occasion was held at the Sri Lanka Insurance head office on February 1, following traditional Sri Lankan customs. At the ceremony, the Chairman of Sri Lanka Insurance President Counsel Mr. Ronald C Perera presented the business registrations to the Group CEO Mr. Chandana L Aluthgama, symbolizing the establishment of two distinct entities: Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
Sri Lanka Insurance Corporation Life Limited (SLICLL)and Sri Lanka Insurance Corporation General Limited (SLICGL) foresee new opportunities for growth and success. The legal segregation allows for a more focused execution of their respective business strategies, ensuring enhanced efficiency and effectiveness in serving their customers. Both companies remain steadfast in their commitment to superior customer service. The essence of their business drive for 2024, ‘Customer centricity through focused specialization,’ remains unchanged.
Mr. Chandana L. Aluthgama, Group Chief Executive Officer of Sri Lanka Insurance stated, “even though the legal segregation commenced on 1st of February the Life and General business of SLIC has functioned as distinctive entities with its separate profit and loss statements, financial operations, and strategic focuses. Today’s announcement formalises this legal segregation, marking a significant milestone in our pursuit of excellence. It is also imperative to note that financial management of the two businesses has been prudently managed independently, ensuring the security of our funds and investments. This is a testament to our commitment to best practices and sound financial governance.”
Reflecting on this significant milestone, the Chairman of Sri Lanka Insurance President Counsel Mr. Ronald C Perera stated, “The segregation is not just a corporate restructuring; it marks the beginning of a new journey for Sri Lanka Insurance. While we bid farewell to our composite status, we welcome the opportunity for greater specialization and excellence in both Life and General insurance. Our commitment to our customers, employees, and the nation remains unwavering.”
As Sri Lanka Insurance Corporation embarks on this transformative journey, it carries with it the legacy of over 60 years as a composite insurer, now evolving into two distinct entities, each poised to contribute to the growth and prosperity of Sri Lanka.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
