ISLAMABAD: The Ministry of Commerce (MoC) is fully cognizant of difficulties being faced by claimants in getting claims from the Insurance Companies including State Life Insurance Corporation (SLIC), delay in the settlement of claims and demand of additional documents at the time of final settlement.
The insurance sector was regulated under the Insurance Ordinance, 2000 and in last few years, it had transformed into a developing and fast growing market that is generally divided into three components: Life Insurance, General Insurance and health Insurance.
The government established the Department of Insurance in April 1948 as a department of the MoC. The purpose of this department was to take care of affairs related to the insurance industry. Out of the 54% that Pakistan’s service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector.
“Therefore the MoC has taken a number of remedial measures to provide relief to the client or policy holders of Insurance companies. Moreover, complaint cells are also established in each Zonal Offices as well as in Principal Office to address public complaints, “a well placed source at MoC told.
The MoC was well aware of the problems, financial hardship of claimants and dependents of policy holders after death of life insured, therefore cases of death or injury reported were being immediately processed by issuance of claim forms to nominee for completion. After completion of requirement, early death, injury claims were investigated, discussed and finalized in Zonal Claim Committee or Regional Claim Committee or Central Claim Committee on regular basis.
“Every year more than 90% of death claims are settled within stipulated time limit” the source said adding that according to regulatory compliance it was mandatory to search through death database of National Database and Registration Authority (NADRA) details of policyholder, who might have not claimed. The information of the claimants, policyholders and unclaimed maturity cases has been placed on official website of State Life.
FBR implements faceless tax audit and assessment system from October 15
ISLAMABAD: The Federal Board of Revenue (FBR) has implemented a new framework for conducting tax audits, assessments and related proceedings...
