The insurance industry regulator, the Insurance Board of Sri Lanka (IBSL), issued guidelines on complaints handling by insurers and brokers on October 1, 2016.
The guidelines have been issued with the objective of facilitating the policies and procedures in place for timely and fair handling of complaints by insurance companies and insurance brokering companies, in order to ensure fair treatment of customers.
The guidelines require the companies to put in place a complaints management policy and to publish a complaints handling procedure for the information of consumers.
The guidelines also require the insurers and brokers to maintain records of complaints and to analyse the root causes for same in order to further improve their quality of service.
The issuance of these guidelines is also in line with the objective and responsibility of the IBSL to ensure the insurance business in Sri Lanka is carried on with integrity and in a professional and prudent manner with a view to safeguarding the interest of the policyholders.
The guidelines are published on the IBSL website (www.ibsl.gov.lk).