ISLAMABAD: With the aim to provide maximum relief to the insurance policy holders, the Securities and Exchange Commission of Pakistan (SECP) has okayed the publication of proposed rules, envisaging the formation of committees for resolution of small disputes.
Through these rules, three committees will be formed in Islamabad, Lahore and Karachi, and each committee will have three members: a senior chartered accountant, a lawyer and a representative of the Insurance Association of Pakistan (IAP).
At present, there are two other grievance forums to redress complaints: federal insurance ombudsman and insurance tribunals.
