SECP suggests more Insurance Tribunals

Business Recorder reported that the Securities and Exchange Commission of Pakistan has urged more Insurance Tribunals and tighter enforcement of decisions made by the Federal Insurance Ombudsman. The recommendations form part of a SECP report on insurance grievance redressal, released on Friday.

The report suggests spreading Insurance Tribunals more evenly across provinces to improve access to justice. It also proposes publishing a regularly updated roster of Session Courts acting as tribunals, and making timely appointments of chairpersons and technical members so the tribunals can keep operating effectively. The Federal Insurance Ombudsman could further disclose the implementation status of its decisions on its website and issue periodic reports.

Insurers are expected to adhere to Circular No. 7 of 2023 and make complaint procedures and resolution timelines clear to policyholders. A proposed Integrated Insurance Grievance Management System would upgrade the SECP XS Portal, letting policyholders file complaints directly against insurers. Unresolved cases could then be escalated electronically to the SECP, which the regulator said would cut manual correspondence and create an end-to-end digital process.