Do You Have A Problem With A Insurance Claim What To Do

[Velocity]

Please visit http://www.insuranceombudsman.lk/ for more Information.

Comments would be Noteworthy !

The objective of the Insurance Ombudsman scheme is the satisfactory settlement and resolution of complaints/disputes by customers (policy holders) of insurance institutions covered by the Scheme, with power to make monetary awards binding on the participating insurance institutions. The Insurance Ombudsman scheme is modelled on The Financial Ombudsman Scheme in Sri Lanka which was established in December 2003 and has been in successful operation since then. In fact, The Insurance Ombudsman will operate from the same building where the office of The Financial Ombudsman is located.

Prior to the Insurance Ombudsman Scheme coming into operation, each participating Insurance Institution has established and nominated in each of their Institutions a senior and experienced officer designated as the “Complaints Settlement Officer” or “Complaints Resolution Officer” (or similar name). Prior to any complaint being submitted to the Insurance Ombudsman, the complaint will be examined by such officer and only in the absence of remedial action satisfactory to the customer (policy holder) or rejection of the complaint, will the Ombudsman entertain/examine any complaint. The Ombudsman will ensure that this procedure has been followed.

The method by which complaints can be made to the Ombudsman, and the procedure for settlement of disputes etc. is very simple. The procedure has also been publicized and is available in this website. To learn more about how to apply click here.

As part and parcel of this Ombudsman scheme it is expected that there will also be an Insurance Code of Conduct which is now operational in many other countries though it will be new to Sri Lanka. The Ombudsman, with the assistance of the Insurance Association of Sri Lanka (IASL) and the Insurance Board of Sri Lanka (IBSL) will take steps to put such a Code in place.

Companies that conduct insurance business in Sri Lanka and it is expected that all Fourteen companies, will join the Insurance Ombudsman Scheme. All insurance business in Sri Lanka is done by the private sector and the Insurance ombudsman scheme in Sri Lanka is a private sector initiative.

However, as the well-known saying goes, the proof of the pudding is in the eating. So, no doubt the success of this new scheme will depend primarily on the integrity and independence of the Ombudsman and the commitment of the participating insurance institutions. The participating insurance companies have assured the ombudsman of their commitment to the scheme.

Under the Rules of Appointment, the Ombudsman has to be a person of either gender of high repute with qualifications in Administration, Insurance, Contract Law and the Financial and the Commercial field. The Ombudsman is appointed by the Insurance Association of Sri Lanka (IASL) with the concurrence of the Insurance Board of Sri Lanka (IBSL) which is the Regulatory body for the insurance industry in Sri Lanka.

[The Don]

Hmm interesting ...

Under the usual climate in Sri Lanka how well do you think the ombudsman service would function ?. Does anybody have any experience with it ?

And thanks Dimantha for the information, I am sure a lot of us like me was not aware of this.

[Velocity]

Hmm interesting ...

Under the usual climate in Sri Lanka how well do you think the ombudsman service would function ?. Does anybody have any experience with it ?

And thanks Dimantha for the information, I am sure a lot of us like me was not aware of this.

infact i have not used this service, but plaining to do so in the near future.

will keep you updated,

This will be very helpfull for people whose claims might be equivalent to Legal Cost Involved to get the claim, because a Policy Holder will not if he or she spends the same amount on legal cost to recover the claim so i think this is and ideal oppurtunity,