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Motor Insurance Credit Period Cut to 30 Days from May 1
Insurance Association of Sri Lanka President and HNB Assurance PLC Chief Executive Officer Lasitha Wimalaratne yesterday said the industry will tighten credit practices in motor insurance, with a phased shift towards a cash-before-cover model from 1 May. He said the current practice of extending credit of between 30 and 90 days will be reduced as part of efforts to bring greater discipline to the sector.Advertisements “We are introducing revised credit guidelines for motor insurance. The current 30 to 90-day credit period will be reduced to 30 days from 1 May and will be phased out over time,” he said. Wimalaratne noted that in more developed markets, insurance is issued on a cash-before-cover basis, and said the industry is moving to align with such standards. “In developed markets, it is typically cash before cover. We are moving towards that model as part of strengthening discipline in the industry,” he said. He added that the move forms part of a broader effort to improve operational standards while advancing digitalisation across the sector. Join our WhatsApp / Telegram groups below.
IRCSL tightens motor insurance credit and mandates digital cards ...
The Insurance Regulatory Commission of Sri Lanka (IRCSL) has issued a series of directives aimed at modernising the general insurance sector, curbing unauthorised brokering, and tightening ...
Sri Lanka to launch digital motor insurance card on May 1
Sri Lanka's first digital motor insurance card will be introduced from May 1, the Ministry of Finance, Planning, and Economic Development announced. The ministry said the initiative marks a step forward in national digitalisation and is expected to improve public safety.
Sri Lanka Launches Digital Motor Insurance Card May 1
Sri Lanka is set to make history in the automotive insurance sector with the launch of its first digital motor insurance card on May 1, 2026. This groundbreaking initiative, announced by the Ministry of Finance, Planning, and Economic Development, represents a significant leap forward in the country's digital transformation efforts and promises to revolutionize how vehicle owners manage their ...
