ISLAMABAD: With the aim to resolve issues between the insurers and policyholders, the Securities and Exchange Commission of Pakistan (SECP) has decided to constitute three committees in Islamabad, Lahore and Karachi.
Each committee will consist of three members i.e. a chartered accountant or a management accountant, a lawyer and a professional representative of the Insurance Association of Pakistan (IAP). Each committee shall be required to establish its own secretariat which is to be situated in the city at which it is constituted.
However, the Commission shall pay a prescribed amount to the each committee to meet its day to day expenses. SECP firmly believes that the reconstitution of the dispute resolution committees will complement the existing grievance handling forums (Insurance Ombudsman and Insurance Tribunals).
