The Insurance Association of Sri Lanka together with the Government Medical Association signed a Memorandum of Understanding

Created date: 11-Feb-2011

The Insurance Association of Sri Lanka together with the Government Medical Association signed a Memorandum of Understanding which came into effect from the 01st of January 2011.

The MOU has streamlined many procedures that had caused delays in the Life and hospitalization insurance claiming processers.

According to the MOU a Government Medical Officer would complete a common Hospitalization / Death benefit form which will be used by all the insurance companies in order to receive confirmation from the hospital regarding the details of the illnesses relating to their respective policyholders, instead of the many different forms in use at present.

For this, the Insurance Association of Sri Lanka agreed to pay Rs. 750/- for completing a Hospitalization Benefit Form and Rs. 1000/- for completing a Death Benefit Form.

In addition, the Insurance Association of Sri Lanka with the assistance of the Sri Lanka Bankers’ Association have designed a common Bank Standing order mandate which will be used by all insurance companies and will be accepted by all leading banks in Sri Lanka.

This is a major milestone of the Sri Lanka Insurance association which would streamline the Insurance claiming process and provide an efficient and a fast claiming procedure for both customers and Insurance Companies of Sri Lanka.