Ombudsman's Advice

18
Jul

DOs AND The DONTs: DO Obtain Correct Information

Several persons have also complained to me about the bonuses received on their life policies. The Agents had promised very high bonuses and even given such an assurance in writing on the insurance company letterheads. But the insurance company is not liable for such assurances of Agents relating to bonuses. Bonuses are generally calculated on the interest rates in the country. Thus, they can fluctuate in amount and are not necessarily fixed amounts. You should contact the insurance company itself about any bonus issues.

Currently I am having problems on claims relating to Third Party cover. This is mainly where third party motorists and pedestrians have been affected by motor accidents. The insurance companies are only liable if the steps set out in the Motor Traffic Act have been observed. Many members of the public are unaware of these steps. So please consult a knowledgeable person if you wish to make a third party insurance claim.

Dr. Wickrema Weerasooria
About Dr. Wickrema Weerasooria
Having obtained his PhD from the London School of Economics, Dr Wicrema Weerasooria is an Attorney-At-Law, Supreme Court of Sri Lanka and Barrister and Solicitor, Supreme Court of Victoria, Australia. He is also distinguished former Public Administrator, Lawyer, Academic, Diplomat and Financial Consultant and has been holding office as the first Insurance Ombudsman of Sri Lanka since 2005.

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