SECP is­sues di­rec­tive to pro­tect in­sur­ance pol­i­cy­hold­ers

The Pak Banker - - NATIONAL -

In or­der to raise aware­ness among the pub­lic about avail­abil­ity of the in­sur­ance pol­i­cy­hold­ers' griev­ance res­o­lu­tion fo­rums, the Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP) has is­sued a cir­cu­lar re­quir­ing all in­sur­ers to in­cor­po­rate aware­ness mes­sage in Urdu and English on their web­sites, and to at­tach it with all forms is­sued to the pol­i­cy­hold­ers.

The Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan has fur­ther di­rected that no­tice boards con­tain­ing the said aware­ness mes­sage in both lan­guages should also be placed at prom­i­nent places fre­quented by the pub­lic or pol­i­cy­hold­ers, in­clud­ing bank branches au­tho­rized to of­fer ban­cas­sur­ance prod­ucts, says a state- ment is­sued by the Com­mis­sion here yes­ter­day. In line with its fun­da­men­tal ob­jec­tive to pro­tect the in­ter­ests and se­cure fair treat­ment to the pol­i­cy­hold­ers, the SECP has is­sued Cir­cu­lar No. 5 of Jan­uary 26, 2016, whereby all in­sur­ers have been di­rected to in­cor­po­rate aware­ness mes­sage re­gard­ing the in­sur­ance pol­i­cy­hold­ers' griev­ance res­o­lu­tion fo­rums, i.e. the fed­eral in­sur­ance om­buds­man and three small dis­pute res­o­lu­tion com­mit­tees in Karachi, La­hore and Is­lam­abad in Urdu and English on their web­sites, and to at­tach it with all forms is­sued to the pol­i­cy­hold­ers.

The SECP has fur­ther di­rected that no­tice boards con­tain­ing the afore­said aware­ness mes­sage in both lan­guages should also be placed at prom­i­nent places fre­quented by the pub­lic or pol­i­cy­hold­ers, in­clud­ing bank branches au­tho­rized to of­fer ban­cas­sur­ance prod­ucts.

The aware­ness mes­sage in­forms the in­sur­ance pol­i­cy­hold­ers about the avail­abil­ity of the reme­dies avail­able to them in the form of the of­fice of the fed­eral in­sur­ance om­buds­man and the small dis­pute res­o­lu­tion com­mit­tees, in case they have any com­plaint or griev­ance against an in­surer, bro­ker, agent, sur­veyor or even a bank car­ry­ing on ban­cas­sur­ance busi­ness.

The Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan firmly be­lieves that by cre­at­ing aware­ness about the com­plaints res­o­lu­tion fo­rums, the in­sur­ance pol­i­cy­hold­ers would be able to seek re­dress of their griev­ances in a timely man­ner as and when they have any com­plaint or griev­ance against an in­surer and/or other in­sur­ance in­ter­me­di­aries.

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