ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has appointed members of all three Small Dispute Resolution Committees, which were constituted in Islamabad, Karachi and Lahore for mediation and resolution of disputes arising between the insurers and the policyholders.
The said committees shall arbitrate small disputes arising between insurance policyholders and insurance companies. Each Committee shall comprise of a chartered accountant or a management accountant, a lawyer and senior insurance industry professional. Moreover, SECP has also designated three of its officials to coordinate with the said committees.
The idea behind the constitution of these Committees is to provide maximum relief to the insurance policyholders or their legal heirs in case any dispute arises between them and the insurance companies. Presently, two other grievance forums are available to the policyholders, which are the Federal Insurance Ombudsman and the Insurance Tribunals.
