ISLAMABAD: The Securities and Exchange Compensation of Pakistan (SECP) on Friday advised insurance coverage policyholders not to rely upon verbal pledges made by insurance coverage representatives but to crosscheck the details stated in the policy files.
Reacting to a high number of grievances gotten versus insurance policy representatives, the business field regulator in a statement has actually asked policyholders to register issues whatsoever relevant online forums against insurance representatives involved in making false promises. In a declaration, the SECP pointed out the problem resolution online forums offered to the insurance holders including its Solution Workdesk Management System (SDMS) for addressing grievances of public consisting of insurance policy policyholders versus the corporate industry.
The SECP has actually received 3,565 grievances through SDMS between 2018 as well as 2020, versus the insurance representatives and alleviation to the tune of around Rs591 million has actually been provided to insurance policy holders by the payment, according to the declaration.
The other discussion forums include the Federal Insurance policy Ombudsman (FIO), Tiny Disagreement Resolution Committees in Lahore, Islamabad, and Karachi, Insurance Coverage Tribunal and Head of state’s Citizen Website. Insurance policy holders might come close to any of the above forums for resolution of their problems, if any type of, versus insurance companies, the regulator said.
The SECP asked insurance policyholders to very carefully review all the materials of files presented prior to them by an insurance policy agent prior to finalizing and also make certain that they comprehend the terms and conditions of the item being offered.