Insurance regulator issues warning on discount cards

The Insurance Regulatory Commission of Sri Lanka (IRCSL) has issued a warning to the public on the sale of discount cards for a fee, offering concessions on certain insurance products.

IRCSL said it has been brought to its notice that certain persons are engaged in selling pass cards/coupon cards/ discount cards to the public for a fee, offering discounts on certain insurance products, in contravention of the provisions of the Regulation of Insurance Industry Act, No. 43 of 2000.

IRCSL urged the public to refrain from purchasing such pass cards/coupon cards/discount cards. The public is requested to inform IRCSL via [email protected] details of such persons.

The IRCSL emphasised that the public should purchase insurance policies only from registered insurance companies or through registered insurance brokering companies or authorised insurance agents of insurance companies and/or insurance brokering companies.

The list of registered insurance companies and. registered insurance brokering companies are in the IRCSL website: www.ircsl.gov.lk