The Security and Exchange Commission of Pakistan (SECP) has recommended the establishment of a specialised and independent insurance tribunal in Islamabad in accordance with the provisions of the 2000 Insurance Ordinance to clear up pending cases.
In its writing to the Law and Justice Division, the SECP pointed out to the Law Ministry that in 2006 with the approval of the Chief Justices of relevant High Courts, the federal government had conferred the powers of the insurance tribunal on district and sessions judges in Karachi, Lahore and Peshawar. Yet due to heavy workload in sessions courts the SECP’s complaints have been pending for the last five years.
The SECP has also pointed out that it has no objection to the Law and Justice Division’s proposal to confer the powers of the insurance tribunal on the district and sessions judge as an interim arrangement.
It has offered to provide office space to specialised tribunals at its offices in Islamabad, Lahore, Peshawar, Faisalabad, Multan, Quetta and Karachi. It has started formulating regulations for the small dispute resolution committees. These committees will arbitrate between insurance companies and the policyholders.-
