SECP suggests more Insurance Tribunals
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has strongly recommended to increase the number of Insurance Tribunals and strengthen the implementation of decisions of the Federal Insurance Ombudsman. According to a report of SECP on “Strengthening Insurance Grievance Redressal in Pakistan Current Status and Strategic Way Forward” issued on Friday, the number of Insurance…
The Securities and Exchange Commission of Pakistan (SECP) has advocated for the expansion of Insurance Tribunals and the enhancement of the Federal Insurance Ombudsman's implementation, as per a report on "Strengthening Insurance Grievance Redressal in Pakistan." The report suggests increasing the number of tribunals to ensure equitable geographical coverage and improve access to justice.
The SECP also warns of the need for regular updates of the tribunal list, timely appointments of chairpersons and technical members, and timely decisions by the Federal Insurance Ombudsman. Furthermore, it recommends that insurers follow Circular No. 7 of 2023, clearly communicate grievance redressal procedures and timelines, and adopt the SECP XS Portal as an Integrated Insurance Grievance Management System for efficient complaint handling and enhanced regulatory oversight.
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