Live NewsNews Just In

All insurance-related documents are expected to be digitized in the future under the ongoing vehicle insurance card digitization initiative, according to Dinusha Thilanka, the Chairman of the General Insurance Forum of the Insurance Association of Sri Lanka.

He made these remarks today (25) during a special media briefing held at the Department of Government Information to raise awareness about the digital insurance card system.

Speaking at the event, Thilanka stated that physical insurance cards currently issued for vehicles will eventually be discontinued. Instead, insurance companies will issue digital insurance cards.

He noted that motorists will be able to access their digital insurance cards through mobile phones, web platforms or QR codes.

Thilanka further explained that the authenticity of the digital insurance card can be verified at any time through the dedicated hotline number 1338.

He said the verification service would operate through three methods: USSD, SMS, and IVR (Interactive Voice Response).

Under the USSD method, users can dial *1338# and follow the on-screen menu to verify insurance details using either the vehicle number or policy number. Confirmation of valid insurance coverage will be sent to the user’s mobile phone within seconds.

Under the SMS method, users can send either the vehicle number or policy number via SMS to 1338 to receive verification details.

Meanwhile, the IVR facility enables users to call 1338 and connect directly with the relevant insurance company’s call center after selecting the company through an automated menu system.

According to Chairman Dinusha Thilanka, the hotline service will remain operational 24 hours a day throughout the year to ensure uninterrupted access for the public.

A total of 134 single cabs donated by the government of India under the Indo–Sri Lanka Friendship Programme for Sri Lanka Police have been officially handed over to President Anura Kumara Dissanayake this morning (25) at the Presidential Secretariat.

The Indian government incurred an expenditure of approximately Rs. 300 million for the initiative and the vehicles are scheduled to be distributed among police stations in the Northern Province, the President’s Media Division said in a statement.

Speaking at the occasion, Indian High Commissioner Santosh Jha stated that similar assistance would continue to be extended to Sri Lanka in the future.

In appreciation of the donation by the Indian government, Inspector General of Police Priyantha Weerasooriya presented a commemorative memento to Indian High Commissioner Santosh Jha.

The Minister of Public Security and Parliamentary Affairs, Ananda Wijepala, the Deputy Minister of Public Security and Parliamentary Affairs, Sunil Watagala, the Secretary to the Ministry of Public Security Ravi Seneviratne, officials of the Indian High Commission and senior officers of the Sri Lanka Police were also present at the occasion, the PMD added.

The Governing Board of the Central Bank of Sri Lanka (CBSL) has tightened the maximum Loan-to-Value (LTV) ratios applicable to credit facilities granted for motor vehicles while also introducing a maximum LTV ratio for credit facilities secured by gold with effect from tomorrow (25).

These steps were taken by the CBSL in line with its macroprudential authority, in order to promote prudent lending practices, safeguard the resilience of financial institutions, and mitigate the potential build-up of systemic vulnerabilities, the Central Bank said in a statement.

The CBSL noted that in arriving at these decisions, the Governing Board took into consideration the recent significant growth in credit extended on account of facilities secured by gold and motor vehicle financing and the potential impact on the financial system if such trends continue at the current pace.

It added, heightened uncertainties stemming from evolving geopolitical and geoeconomic developments have elevated volatility in asset prices including gold, alongside recent exchange rate fluctuations. 

“The temporary increase in the surcharge on vehicle imports and exchange rate movements could inflate vehicle prices temporarily. Such fluctuations may affect collateral valuations and alter the underlying credit risk profiles, while continued rapid credit expansion warrants an intervention to prevent a potential build-up of excessive risks within the financial system,” the CBSL noted.

Accordingly, a maximum LTV ratio of 70 per cent has been introduced for credit facilities secured by gold collateral granted by Licensed Banks and Licensed Finance Companies, including existing credit facilities when renewed on or after the effective date. 

Moreover, the existing maximum LTV limits applicable on credit facilities granted in respect of motor vehicles have been tightened by 10 percentage points.

Accordingly, the CBSL will impose maximum LTV ratios on vehicle loans from tomorrow (25) for unregistered vehicles and vehicles used in Sri Lanka for less than one year after first registration: 60% for commercial vehicles and 40% for cars, SUVs, vans, three-wheelers and other vehicles.

The Colombo Crime Division (CCD) has recovered a T-56 assault rifle buried beneath a tree inside the Somawathiya National Reserve.

The weapon was discovered today (24) during a special operation carried out by officers attached to Investigation Unit 5 of the CCD.

Police said the raid was launched following information received from a private informant.

However, authorities have not yet identified the exact owner of the firearm.

Police suspect the weapon may have belonged to the individual who was shot dead by police in Welikanda recently after allegedly attempting to attack officers with a sharp weapon.

Further investigations into the incident are being conducted by the Colombo Crime Division.

Police have warned motorists not to operate vehicles fitted with distorted or non-standard number plates, despite delays in the issuance of official registration plates.

Deputy Inspector General in charge of Traffic Control and Road Safety, W.P.J. Seneviratne said vehicles cannot legally be driven using altered number plates even if official plates have not yet been issued.

He, however, noted that motorists are permitted to display a vehicle number printed on an A4-sized sheet in accordance with guidelines issued by the Department of Motor Traffic.

The Department of Motor Traffic had suspended the issuance of vehicle number plates for nearly 10 months due to the lack of a supplier. Reports indicate that approximately 400,000 number plates have been affected as a result.

Authorities said the issuance of official number plates is expected to recommence on or before June 10.

Meanwhile, motorists have also raised concerns over police imposing fines on vehicles displaying such unofficial number plates.

Responding to the matter, police stated that action may still be taken against vehicle owners using number plates that fail to meet approved standards.