Insurance industry: SECP chief for improving service standards

KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed emphasized upon improving the corporate image of insurance industry by introducing new products with greater value to policyholders, upgrading service standards and timely disclosure of customers and claims data.

He was meeting the representatives of Insurance Association of Pakistan (IAP) and the Chief Executive Officers of major insurance companies. Akif was accompanied by the Commissioner SECP, Mujtaba Ahmad Lodhi, Head of Insurance Waseem Khan and Executive Director Musarat Jabeen.

Akif highlighted the significance of the insurance sector in our overall financial sector as well as on the economy of the country. He stressed the industry participants to play their due role in the development of the sector, along with capital and debt markets of the country.

Insurance sector SECP issues concept paper on ‘RBC Regime’

The SECP team encouraged industry representatives to share their suggestions and feedback on the way forward for sound and orderly development of the insurance sector.

The industry participants suggested implementation of mandatory insurance schemes including motor third party liability insurance. The IAP pointed out that the sales tax on life insurance, health insurance and reinsurance services by provincial revenue authorities significantly hindered the growth of the sector. Furthermore, issues concerning placement of reinsurances by the industry were also discussed during the meeting.

The SECP Chairman assured the IAP representatives fullest support of the SECP for the development of the sector and removing hurdles and resolving pressing issues of the industry.

Copyright Business Recorder, 2023