Regulatory Alerts2023-05-26
Added · Updated
Requirements Relating to Grievance Handling Mechanism for Insurers
The Securities and Exchange Commission of Pakistan mandates all life and non-life insurers, including takaful operators, to establish a Board-approved grievance handling policy and an independent grievance function. Insurers must implement a centralized complaint system, resolve minor complaints within seven working days, less critical complaints within fifteen working days, and critical complaints within ten to thirty working days depending on the case type. Additionally, insurers are required to publish agent verification lists, provide complaint information in English and Urdu, conduct annual internal audits, and submit quarterly complaint summaries to the regulator within twenty days of each quarter's end, with full compliance required within four months of the circular's issuance.