The decision was announced during yesterday's (06) Cabinet meeting, which was held at the parliamentary complex due to ongoing sessions of Budget 2019.
According to reports, a special discussion on this regard is to be held today (07) between the president, the education minister and officials.
The president has expressed his protest against the Tender being awarded to a foreign company rather than a local one.
However, education minister - Akila Viraj Kariyawasam has stated that the Tender cannot be cancelled as the insurance scheme has already been implemented.
The minister had also said that company was chosen after a proper Tender procedure and it offered a host of benefits for students.
The 'Suraksha' student insurance scheme, which was introduced by the current government on October 01, 2017 concurrent to World Children’s Day, has been rocked by a series of scandals.
The insurance coverage given to Sri Lanka Insurance Corporation had ended on November 30, 2018 and after calling for tenders, Allianz Insurance was awarded the contract by the Education Ministry. Trade unions objected to this move to hand the insurance contract to a foreign insurance company when there is a state owned insurance company.
'Sri Lanka Mirror' earlier revealed that awarding the insurance scheme Tender to a foreign insurance company has violated the state finances circular no. 04/2015.
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