On Friday the Securities and Exchange Commission of Pakistan [SECP] impels insurance policyholders not to depend on unwritten promises made by insurance agents but to crosscheck the details stated in the policy documents.
In response to the numerous complaints received against insurance policy agents, the corporate division regulator in a statement has inquired policyholders to register complaints at all relevant forums against insurance agents involved in making mendacious promises.
Between 2018 and 2020 the SECP has received 3,565 complaints through SDMS against the insurance agents and relief of sum of around Rs 591 million has been provided to policy holders by the commission.
Furthermore, the SECP mentioned the complaint resolution forums available to policyholders consisting of the Service Desk Management System [SDMS] for the inscription of grievances of the general public including the insurance policyholder against the corporate division.
The other forums consisting of the Federal Insurance Ombudsman [FIO] and Small Dispute Resolution Committees in Lahore, Islamabad and Karachi Insurance Tribunal, and Prime Minister’s Citizen Portal. This way policyholders may proceed with any of the above forums for resolution of their complaints against insurance companies.