Asian News - Pakistan: Regulator wants more publicity for dispute resolution panels
Source: Asia Insurance Review | Mar 2016
The Securities and Exchange Commission of Pakistan (SECP) has directed all insurers to incorporate a notice in Urdu and English on their websites about the availability of grievance resolution forums for policyholders.
The notice has to be attached too to all forms issued to policyholders, and posted on notice boards at prominent locations, including bank branches authorised to offer bancassurance products, reported The Daily Times.
The grievances resolution forums comprise the federal insurance ombudsman and three small-dispute resolution committees in Karachi, Lahore and Islamabad.
The formation of the three small-dispute committees was approved by SECP last year. The regulator believes that the dispute resolution committees will complement the existing federal ombudsman and insurance tribunals, which are in the country’s four provinces, in handling insurance-related grievances.