The Insurance Regulatory Commission of Sri Lanka (IRCSL) has urged the public to refrain from purchasing pass cards, coupon cards and discount cards related to insurance products.The IRCSL notes that they have learnt of certain persons engaged in these practices,in contravention to the provisions of the Regulation of Insurance Industry Act, No. 43 of 2000.

“The IRCSL has not authorized any insurance company or any insurance intermediary (registered insurance brokers and authorized insurance agents) to collaborate with any persons selling pass cards/coupon cards/ discount cards,” the media release adds.The IRCSL has also requested information pertaining to such unauthorized promotional campaigns to be emailed (if any) to info@ircsl.gov.lk.

The complete media release of the IRCSL issued in this regard is shown below :

3 companies

Meanwhile, ‘Sri Lanka Mirror’ learns from internal sources at the IRCSL that the media release has been issued targeting three main insurance companies in the country.

The companies are said to be Ceylinco, Allianz and Co-Operative Insurance Company PLC.

In addition, the IRCSL has also received information that these companies have continued these practices based on a contract signed with a direct marketing company called ‘The Granton Group of Companies.’The IRCSL also urges public to only obtain insurance policies from licensed insurance companies and / or brokers or through authorized insurance agents such companies and/or brokers.