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New taxes hamper life insurance industry

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New taxes hamper life insurance industry

Post by Danidu on Fri Aug 18, 2017 9:11 am

2017-08-18
By Kamal Kandewatta

Highlighting that life insurance penetration was low in Sri Lanka, a senior insurance expert requesting for a helping hand from the government said that imposing new taxes would hamper future growth.
"The Inland Revenue Act clearly states, the bonus given to their customers by insurance companies is not subject to tax. But according to the new proposal this bonus is also subject to tax. This is not helping the industry," Ceylinco Life Managing Director and Chief Executive Officer R. Renganathan stressed.

Answering a question at the National Forum for Life Insurance Advisors (NAFLIA), Renganathan stressed, "If the current rate continues, it will take more than 17 years to sell life insurance policies to our labour force of 8.5 million. We need to improve the productivity and speed up the process. However, the insurance sector alone cannot reach this target. We need a helping hand from the government'.

He also mentioned that the Insurance Board of Sri Lanka (IBSL) has a major responsibility to take this message to the government.
Sri Lanka is heading towards an era in which the population aging is going to be a major concern. Life Insurance will have a significant role to play when it comes to welfare of these aged people. With frequent occurrence of natural disasters, the risks in the life of normal people are also increasing. Therefore, supporting the industry will create long term benefit to the national economy.

https://ceylontoday.lk/print20170401CT20170630.php?id=27895

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Re: New taxes hamper life insurance industry

Post by jiggysaurus on Fri Aug 18, 2017 11:11 pm

Danidu wrote:
penetration was low in Sri Lanka, a senior insurance expert requesting for a helping hand from the government

Defa this is true, penetration is low. All daughters of politticccas and parlimentarians like hirunika shud led a helping hand for the peeples to increase the penetration.

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Re: New taxes hamper life insurance industry

Post by Backstage on Sat Aug 19, 2017 7:03 pm

Handjob is no substitute for penetration.
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