SECP Issues Requirements For Grievance Handling Mechanisms For Insurance Sector
Umer Jamshaid Published May 26, 2023 | 05:50 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 26th May, 2023 ) :The Securities and Exchange Commission of Pakistan (SECP) has issued requirements for the grievance-handling mechanism for the insurance sector to ensure effectiveness, robustness, and uniformity in the grievance-handling function with the objective of protecting policyholders .
The Code of Corporate Governance for Insurers 2016 requires insurers to establish a grievance function, said a press release issued here.
Giving due consideration to the importance of detailed requirements for the effective functionality of the grievance function in light of the historical trend of policyholder complaints, minimum requirements for the establishment and functioning of a grievance management process have been prescribed.
Accordingly, the issued requirements cover areas of formulation of grievance handling policy, maintenance of a centralized grievance handling system, acceptable modes for lodging complaints, bifurcation of complaints on the basis of criticality, timelines for resolution of complaints on the basis of criticality, communication with policyholders during the process of complaint resolution, etc.
, imparting awareness relating to the existence of grievance handling mechanisms and other available forums, monitoring for continuous improvement, and reporting and record-keeping of complaints-related data.
These requirements are in line with other financial sectors and international best practices and will be applicable to all insurers and takaful operators.
The circular issued in this regard enclosing the above-referenced requirements is available at SECP's website at https://www.secp.gov.pk/document/circular-no-7-of-2023-requirements-for-relating-to-grievance-handling-mechanism-for-insurers/?wpdmdl=47841&refresh=6470a134957b91685102900.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
3 hours ago -
US stocks rebound on tech earnings, London hits new record
3 hours ago -
US approves gene therapy treatment for hemophilia
3 hours ago -
KATI president for inclusion of agri sector in tax net
3 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
4 hours ago -
Police to take every step for security of business community: IGP
4 hours ago
-
WB director, Planning minister discuss reforms in development projects
5 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
6 hours ago -
FBR’s data protection efforts commended by OECD assessment team
6 hours ago -
US stocks rebound on tech earnings, London hits new record
7 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
7 hours ago -
SBP to announce monetary policy on April 29
7 hours ago