RegAlert2023-05-26
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.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
INSURANCE DIVISION
Islamabad
Circular No. 07 of 2023
Islamabad, May 24, 2023
Subject: Requirements relating to Grievance Handling Mechanism for Insurers
As per the requirement of Code of Corporate Governance for Insurers, 2016, every insurer is required to establish a grievance function for resolving complaints and grievances of the policyholders and prospective policyholders. In order to ensure effectiveness and maintenance of minimum service standards in grievance handling function, the Securities and Exchange Commission of Pakistan (“SECP”), in exercise of the powers conferred under section 40B read with clause (fc) of subsection (6) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997), is pleased to issue following detailed requirements relating to Grievance Handling Mechanism for insurers which is applicable on all life and non-life insurers including family and general takaful operators:
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Lineage: In force
Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works