The Securities and Exchange Commission of Pakistan (SECP) has recommended increasing the number of Insurance Tribunals and strengthening the implementation of decisions of the Federal Insurance Ombudsman, reported 24News HD TV channel on Tuesday.
According to a report by SECP, the number of Insurance Tribunals should be increased to ensure equitable geographical distribution across provinces, thereby improving access to justice.
A report further stated that SECP received 370,29 complaints on different forums
A publicly available and regularly updated list of Session Courts designated as Insurance Tribunals should be published to enhance transparency.
Moreover, timely appointment of chairperson and technical member is essential to ensure continuation and effective functioning of the tribunals.
The SECP also suggested starting online service for submission of complaints and documents.
The SECP also sought establishment of a comprehensive digital system to address the complaints and forward the complaints to the Federal Insurance Ombudsman about government insurance companies.
Securities and Exchange Commission of Pakistan Chairman Dr Kabir Ahmad Sidhu said that "we want to address the complaints in minimum time through the use of latest technology.”
He said that insurance companies should be bound to submit their reply regarding the complaints.
Reporter: Waqas Azeem