Oct 25, Colombo: Sri Lanka's state-run insurance companies will be listed at the Colombo Stock Exchange by 2016, a government minister said Wednesday in the parliament.

Minister Bandula Gunawardena addressing the House explained that all insurance companies will be listed at the stock exchange by 2016 and assured that listing companies at the stock exchange is not a measure of privatization.

The Minister also noted that the government aims to make insurance industry, currently with assets exceeding 261 billion rupees, more efficient.

Senior minister Dr. Sarath Amunugama has said that the country's insurance industry has shown a significant growth and pointed out the need to introduce a new insurance scheme with the mediation of government to provide the people with accident coverage.

The parliament Wednesday passed regulations under the Regulation of Insurance Industry Act.