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Important notes

Overseas insurance

Dear Cardholder,

Important information on overseas insurance payments:

We are writing to inform you of the regulations pertaining to Sri Lankans obtaining overseas insurance policies through foreign insurance companies/brokers. In line with the prevalent circular number No. 36 of Insurance Board of Sri Lanka (IBSL), dated 9 October 2015, such regulations are as follows.

  1. Payments in respect of insurance premiums for health insurance policies are permitted, provided that the brokering company is registered and approved under the Regulation of Insurance Industry Act No 43 of 2000 (RII Act) and the said brokering company has been specifically authorized (on an annual basis) by Insurance Board of Sri Lanka to function as an intermediary for the placement of the said foreign health insurance product.
  2. Payments in respect of insurance premiums for travel insurance policies are not permitted without prior approval from Insurance Board of Sri Lanka. (Travel insurance covers obtained prior to 9 October 2015 can be continued until the period of the cover stated therein ends)
  3. Payments in respective of insurance premiums for long –term insurance policies (eg: Life insurance policies) are not permitted to a foreign insurer/foreign entities that are not registered with the Insurance Board of Sri Lanka.

You may refer IBSL website (www.ibsl.gov.lk) to obtain the list of licensed insurance brokers. Further we have attached the IBSL circular number 36 and Gazette notification (Extraordinarily) number 1789/34s for your perusal in order for you to take necessary action when placing insurance with foreign insurer/foreign entities.

Should you require any further assistance in this regard, please feel free to contact us on our 24 hour Customer Service hotline 011 4 4722 00 and we will be pleased to be of assistance.

Thank you for choosing to bank with us.

Refer attached link for gazette notification on overseas health insurance (PDF, 580 kb)