Our Correspondent
Islamabad
The Securities and Exchange Commission of Pakistan (SECP), to strengthen the regulatory regime for distribution of insurance through corporate insurance agents, including banc assurance has notified the Corporate Insurance Agents Regulations, 2020.
The regulations also include code of conduct for corporate insurance agents of insurance companies to clearly define their role and responsibilities while dealing with the policyholders.
The regulations aimed at curtailing the issue of mis-selling and ensure provision of maximum and clear information regarding company’s term and conditions of an insurance policy. The regulations also include measures to promote technology driven modes of corporate insurance agents.
To protect policy holders’ rights, the Regulations require corporate insurance agents including banks to ensure provision of clear and detailed disclosures to potential policyholders/customers.
