Sri Lanka sets new insurance sales standards for mobile, line operators

Insurers must also disclose customer onboarding requirements.

The Insurance Regulatory Commission of Sri Lanka issued a directive to ensure insurance sales through Mobile Network Operators (MNOs) and Fixed Line Operators (FLOs) uphold integrity, transparency, and policyholder protection.

Effective 22 August, the directive applies to all insurers and brokers using these platforms for marketing and sales.

Key measures include mandatory IRCSL approval for products sold via MNO/FLO platforms, transparent communication of policy details, and streamlined claims and dispute resolution processes.

Insurers must also disclose customer onboarding requirements and enforce data protection measures in line with the Personal Data Protection Act, No. 09 of 2022.

Importantly, MNOs and FLOs are prohibited from directly marketing or selling insurance products. Existing arrangements must comply with the directive within four months of its effective date.

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