* to change the name of the "Insurance Board of Sri Lanka" as "Insurance Regulatory Commission";
* to specify qualifications for the registration of a general insurance business or long term insurance business;
* to exempt any local subsidiary Insurance Company in which at least 85 percent of the shares are held by a foreign holding insurance company which is already listed on a Stock Exchange outside Sri Lanka, from having to list on a Stock Exchange licensed under the Securities and Exchange Commission of Sri Lanka Act, No.36 of 1987; and
* to allow any insurance agent to work for one general insurance business and a long term insurance business.
02. New Sri Lanka Atomic Energy Bill - the current law which provides for the establishment of the Atomic Energy Authority and its powers and functions is the Atomic Energy Authority Act No.16 of 1969. The rules dealing with the use of Atomic Energy has changed considerably since 1969 and it has been observed that there is a need to incorporate several new provisions into the Law. The Bill provides for all matters that are necessary to be done for the beneficial and peaceful applications of nuclear science and technology in health, industry, environment and agriculture for national development including the protection of individuals, society and the environment from the harmful effects of ionizing radiation and radiation sources and also specifically states that, in Sri Lanka, all nuclear activities shall be carried out exclusively for peaceful purposes and prohibits the manufacture or acquisition of nuclear weapons or other explosive nuclear devices. The Bill also provides for the establishment of two new bodies, namely, the Sri Lanka Atomic Energy Board and the Sri Lanka Atomic Energy Regulatory Council. Cabinet approval was granted for the above Bill presented to the Cabinet by Hon. Patali Champika Ranawaka, Minister of Technology and Research, to be' referred to the Cabinet Sub-Committee on Legislation for its recommendations, in the first instance.
03. Katana Water Supply Project - Stage 1 - the project intends to provide pipe borne water supply facilities to the people of the Divisional Secretary's Division of Katana, and Stage I of the Project will cover 45 Grama Niladhari Divisions in the Katana Divisional Secretary's Division. The proposal made by Hon, Dinesh Gunawardena, Minister of Water Supply and Drainage, to proceed with the related activities pertaining to Stage I of the Project, was approved by the Cabinet.
04. Capacity Improvement of Distribution Network maintained by Lanka Electricity Company (LECO) - Lanka Electricity Company (LECO) operates the electricity distribution network in the coastal belt of the country ranging from Negombo to Galle with a total of 31 Primary Sub-stations. LECO is currently implementing five 33/11 kv Primary Sub-stations under the Asian Development Bank funded Clean Energy and Access Improvement Project in Katunayake, Kotikawatte, Kiribathgoda, Nawala and Hikkaduwa areas. The proposal made by Hon. (Mrs.) Pavithra Wanniarachchi, Minister of Power and Energy to proceed with the related activities for the improvement of capacity of the network was approved by the Cabinet.
05. Construction of a National Sports Museum - the proposal made by Hon, Mahindananda Aluthgamage, Minister of Sports, to establish the proposed National Sports Museum in Vicinity of the Independence Square at the premises of the ancestral home of the Late Mr. F.R. Senanayaka, to educate the future generation about the core values of sports, to exhibit and preserve trophies, souvenirs and also sports related literature of leading sportsman / sportswomen of international fame in Sri Lanka etc., was approved by the Cabinet.
06. Medium Term Budgetary Framework 2015 - 2017 and Preparation of Budget 2015 - The second five year development policy framework of the Government is being implemented since 2011 with the aim of transforming Sri Lanka into a poverty free country by 2016 and raising per-capita income continuously. 'The Government focuses on the Medium Term Budgetary Framework 2015 - 2017 mainly to ensure development by creating more livelihood and employment opportunities, food security, energy security and environmental safety with particular emphasis on low income and poor families. It is proposed to prepare the Budget 2015 within the Medium Term Budgetary Framework 2015 - 2017 giving priority to increase access to basic infrastructure facilities such as health, education. roads and safe drinking water in districts which are below the national average in social development, basic infrastructure facilities and economic indices. The proposal made by H.E. the President in his capacity as the Minister of Finance and Planning, to proceed with the related activities, was approved by the Cabinet.
07. Rehabilitation of A 5 Road corridor from Badulla to Chenkaladi - Peradeniya-Badulla-Chenkaladi Road is one of the major highways linking parts of the Eastern Province with the Central Province. The road section from Peradeniya to Badulla has already been rehabilitated. The balance section of the road from Badulla to Chenkaladi covering a distance of 151.3 km is proposed to be developed at an estimated cost of US $140 million. The project is to be jointly funded by the OPEC Fund for International Development (OFID) and the Saudi Fund for Development (SFD) with the balance contribution being made by the Government of Sri Lanka. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to enter into a loan agreement with the OPEC Fund for International Development in the first instance, was approved by the Cabinet.
08. 'Deyata Ktrula' National Development Programme - 2015 - 'Deyata Kirula' Programme had been implemented in several Districts in line with the Independence Day Commemoration with a view to bringing strategically selected and target oriented regional development progrmames of the Government closer to the people and it covers development needs which were not covered by major development programmes and provides solutions for the institutional problems faced by the people. 'Deyata Kirula' - 2015 Programme is to be implemented in Galle, Matara, Hambantota and Ratnapura Districts. 'Deyata Kirula' Exhibition will be held in the premises of Kotawila Watta of Kamburugamuwa in Matara and Mahinda Rajapaksa Vidyalaya, Matara, parallel to the 'Deyata Kirula' Development Programme and Independence Day Commemoration 2015. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to proceed with the relevant activities, was approved by the Cabinet.(KH)