IRCSL grants 3-month extension to insurance policyholders to settle premiums

The insurance sector regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), grants a three-month extension to both life and general insurance policyholders to settle their premiums, as a relief measure amidst the COVID-19 pandemic, following discussions with insurance firms. 

Accordingly, the general insurance policyholders will be granted a three-month extension period to pay the premiums from the policy commencement date. 

This extension period will be applicable for policies commenced/commencing from March 1, 2020 to 
June 30, 2020.

Meanwhile, the IRCSL stated that the life insurance policyholders would also be granted a three-month extension period from the premium due date to pay the premiums outstanding, to prevent policy lapsation.

This extension period would be applicable for policies in which the premium due date falls during the period from March 1, 2020 to June 30, 2020.

The IRCSL noted that the relief was granted as per a decision taken by the Cabinet of Ministers, on a direction issued by President Gotabaya Rajapaksa, to grant appropriate relief to businesses and individuals who are adversely affected by the current COVID-19 outbreak.