SECP vide S.R.O.1405 (I)/2018 – Dated November 16, 2018 issued “Directive for Disclosure about the Complaint Resolution Forums” regarding assurance products offered by insurers.
Insurers are directed to Fix Notice Board containing “Awareness Message”, at prominent palaces where general public and policy holders pay frequent visits, upload “Awareness Message” on websites, and print on all forms i.e. policy illustrations, proposal forms, policy documents and claim forms on conspicuous position.
Awareness Message shall be both in Urdu and English Message, and disclosure over website and forms shall be in Red Font.
“Awareness Message” is about availability of Complaint Resolution Forums i.e. Federal Insurance Ombudsman and Small Dispute Resolution Committee for Resolution of their Grievances”
Insurers are required to display details of the designated persons for assisting and handling investors / policyholders’ grievances along with web-link and image of SECP’s toll free number, queries and online complaints portal on their websites.
Further SECP under Section 40B of the Securities and Exchange Commission of Pakistan Act, 1997 read with clause (r) of sub-section (4) of section 20 and clauses (fa) and (fb) of sub-section (6) of section 20 thereof, Directs all the insurers to convey/apprise the policyholders through letter about the respective complaint resolution forums along with their valid addresses, both in Urdu and English languages in the following situations:-
- Repudiation of claim of a policyholder or claimant;
- Request for premium refund (in case of mis-selling complaint), policy surrender or maturity is not acceded to or responded to by the insurer;
- Any other grievance in which insured or claimant is not satisfied; and
- In case of expiry of 90 days from the date of filing of claim or request made as above;
The addresses to be mentioned over the said letter in case of grievances or in case of delay of delay of more than 90days are off followings:
- Federal Insurance Ombudsman (with complete address);
- Small Disputes Resolution Committees at Islamabad, Lahore and Karachi (with complete address of the respective committee); and
- Insurance Tribunals established in all the Provinces;
ALL THE INSURERS ARE REQUIRED TO SUBMIT THEIR CONFIRMATION IN RESPECT OF THEIR COMPLIANCE WITH THE ABOVE DIRECTIVE, WITHIN ONE WEEK OF THE DATE OF THIS DIRECTIVE.
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