Mar 03, 2022

Chairman of committee that investigated IRCSL DG, urged to resign! Featured

Deputy Secretary to the Treasury  R.M.P. Ratnayake, who was the chairman of the committee appointed to look into social media complaints, petitions, allegations and adverse comments against the Director General of the Insurance Regulatory Commission of Sri Lanka (IRCSL) - Damayanthi Fernando, has reportedly resigned.

It is said that Ratnayake was compelled to resign after the committee submitted a report proving Ms. Fernando guilty of the relevant allegations.

'Sri Lanka Mirror' reliably learns that Mr. Ratnayake was compelled to resigned from the committee chairmansip due to pressure from the Finance Ministry secretary - S.R. Attygalle.

Deputy Governor of the Central Bank – T.M.J.Y.P. Fernando as well as IRCSL members – Harris Salpitikorala, Raja Gunaratne and Indra Baduge are  among the commission members.

Following Ratnayake’s resignation, another secretary at the Finance Ministry - Saman Fernando had been appointed to chair the aforementioned committee.

The current Treasury secretary - S.R. Attygalle had served as a Treasury representative while Ms. Indrani Sugathadasa (the wife of Lalith Weeratunga) functioned as the Chairperson of the IRCSL from 2011-2013.

Ms. Fernando was appointed as the DG of the IRCSL during Ms. Sugathadasa's tenure and the appointment had been largely backed by Attygala, 'Sri Lanka Mirror' learns.

Meanwhile, it is also reported that Ms. Fernando has also made a significant contribution to recruit Saman Fernando's son-in-law Saumya Bandara as an assistant director of the IRCSL.

However, it is reported that Saumya Bandara had migrated to Australia within four months of being appointed and during his probation period. However, Ms. Fernando had reportedly tabled a Director Board paper, urging that he be given the opportunity to work online from Australia.

Investigations have found that Ms. Fernando's behavior was more aimed at protecting insurance companies than protecting the insured, 'Sri Lanka Mirror' learns.

It is said that she had paid particular attention when the committee was taking up complaints with regard to a leading insurance company in the recent past and had even intervened to remove evidence against the company from the internet.

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IRCSL DG to be sacked over covering up Allianz

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