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IRCSL Introduces alternative compensation system for motor vehicle accident victims

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The Insurance Regulatory Commission of Sri Lanka (IRCSL) has implemented a new system aimed at providing compensation to third-party victims of motor vehicle accidents or their legal heirs, without the need for court proceedings. Effective from March 1, this alternative method offers compensation up to a maximum of Rs. 500,000.

In collaboration with the Transport and Highways Ministry and other stakeholders in the transport sector, the Commission introduced this system to streamline compensation processes. Importantly, the existing legal avenues for compensation remain unaffected by this initiative.

Under this scheme, pedestrians and cyclists who are killed or permanently disabled in motor vehicle accidents are eligible for compensation. The insurance company covering the motor vehicle involved in the accident will provide the relevant compensation.

To claim compensation, applicants must complete the application provided in Circular No. 03 of 2024 issued by the Insurance Regulatory Commission and submit the required documents to the insurer within six months of the incident. Compensation amounts to Rs. 500,000 for death and up to Rs. 500,000 for permanent disability, subject to specified limits.

It’s crucial to note that death or disability must result from the motor vehicle accident and occur within 12 months of the incident. Additionally, if the compensation provided under this system is deemed insufficient, victims or their legal representatives retain the option to pursue legal recourse through court proceedings.

This alternative compensation system aims to expedite the process of providing relief to motor vehicle accident victims and their families, ensuring timely support during challenging circumstances.

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Preliminary probe reveals S’gamuwa Uni student suicided due to ragging

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Preliminary investigations have revealed that a second-year student at the Faculty of Technology of the Sabaragamuwa University committed suicide recently due to ragging, the Criminal Investigation Department (CID) has stated.

Charith Dilshan, a student studying at the Sabaragamuwa University, died by suicide on April 29.

Subsequently, the CID launched an investigation into the incident.

As a result of the investigation, a group of senior students suspected to be involved in the incident have been arrested and are currently being held in remand custody.

Officers have also recorded statements from several factions, including the university administration of the Sabaragamuwa University.

According to the findings of the investigation thus far, it has been revealed that the student committed suicide due to ragging.

It has also been reported that the student was not suffering from depression or any mental illness, the CID said.

Additionally, investigations have revealed that some senior officials of the university administration were taking steps to prevent details of the ragging incidents within the university from becoming public.

So far this year, more than 30 complaints related to ragging have been reported to the CID, with the highest number coming from the Sabaragamuwa University, exceeding 10 complaints.

Complaints have also been received from the Eastern and Oluvil universities regarding ragging incidents.

CID officers have stated that further inquiries are being conducted and strict legal action will be taken against those involved.

If students found to be involved in ragging incidents, they may face up to 20 years of imprisonment, according to the CID.

Meanwhile, police have requested university students to report any ragging-related complaints via the 1997 hotline.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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New chairman appointed to CSE

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Dimuthu Abeyesekera has been appointed as the new Chairman of the Colombo Stock Exchange (CSE).

The CSE announced that Mr. Abeyesekera brings over 35 years of experience in the capital markets and has served on the CSE Board for the past six years.

He currently serves as the Director/CEO of Asha Securities Ltd, which is affiliated with Phillip Capital Singapore, a specialized financial services organization managing assets worth over US$ 35 billion with a network of offices around the world.

Abeysekera also currently serves as the Director at Asha Financial Services Ltd, a specialised margin Trading Company in Colombo.

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03 Presidents & ex-ministers named in US$ 110mn. cattle scam!

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Former Presidents – Mahinda Rajapaksa, Maithripala Sirisena and Ranil Wickremesinghe as well as former Ministers Basil Rajapaksa, P. Harrison, Wijith Wijithamuni de Soysa, Lakshman Yapa Abeywardena and Lakshman Wasantha Perera have been found to be involved in a USD 110 million cattle import scam, NPP MP Nihal Galappathi told Parliament today (June 19)

Noting that old cows have been imported as milch cows, he said none of them will be shown any mercy.

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