SECP proposes more insurance tribunals, digital complaint system

Business Recorder reported that the Securities and Exchange Commission of Pakistan has proposed adding more Insurance Tribunals and Small Dispute Resolution Committees, along with a single digital system for filing complaints. The goal is faster grievance handling for policyholders across the country. The suggestions come from a SECP report that reviewed how insurance complaints are currently addressed.

According to the report, existing grievance mechanisms logged 37,029 complaints in 2025. SECP asked the Ministry of Law and Justice to add tribunals according to regional needs, publish the names of courts serving as tribunals, and appoint members without delay. The regulator also wants SDRCs to widen their reach, check their financial limits at set intervals, and move their work online.

A formal channel for sharing information and combining complaint data among the SECP, the Federal Insurance Ombudsman, the Wafaqi Mohtasib, tribunals, SDRCs and insurers is also proposed. SECP Chairman Dr Kabir Ahmed Sidhu said stronger coordination and technology could shorten resolution times and sharpen accountability. He added that the aim is to give each policyholder a working complaints forum.