Saturday, September 21, 2019
No menu items!

SECP holds roundtable to revamp bancassurance regulatory framework


Shinzo Abe reshuffles Japanese Cabinet, Shinjiro Koizumi appointed as environment minister

Japan's Prime Minister Shinzo Abe appoints foreign ministers and new defense ministers, in addition to elevating rising political figures,...

Saudi Arabia wants uranium enrichment for its nuclear program

Saudi Arabia wants uranium enrichment for its nuclear program, the energy minister said on Monday, adding that it may...

Trump’s decision has left Afghanistan on the verge of bloody lead in National elections

US President Donald Trump's decision to cancel talks with the Taliban, at least for the time being, has left...
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The Securities and Exchange Commission of Pakistan (SECP) held a roundtable to seek stakeholders’ suggestions and recommendations to revamp the 2015 bancassurance regulatory framework to achieve market development, enhance insurance penetration and protect policyholders’ interests.

A large number of representatives of insurance industry, officials of the State Bank, federal insurance ombudsman and members of the small dispute resolution committees attended the roundtable in Karachi.

The participants deliberated upon various bottlenecks and issues hampering growth of the insurance sector and suggested solutions.

The tentative recommendations include mandatory contents of call-back confirmation, provision of documents in Urdu, rationalization of remuneration structure for banks, communication during policy cycle through policyholders’ preferred mode, automated need analysis, fit and proper criteria for head of bancassurance and training requirements for sales staff.

The participants also proposed to revamp the procedure of issuance of insurance policies through digital modes and training through distance learning programs to provide ease of doing business to insurance companies.

The participants compared notes to achieve unanimity on various issues. The State Bank representatives said that they were fully committed to strengthening the framework and improving the supervisory process pertaining to banking industries.

The SECP officials requested the stakeholders to submit their proposals in writing as soon as possible.

Read also: Insurance sector: SECP to focus on market development and structural reforms


Latest News

Iran holds joint exercises with Russia and China in Oman Sea and Indian Ocean

Iran has announced that it will hold joint exercises with Russia and China soon in the Sea of ​​Oman...

French police arrest 90 demonstrators during Yellow Vest protests

French police on Saturday arrested 90 protesters and fired tear gas during protests called for by the "yellow Vest", Russia Today reported. The French authorities...

Two blasts target a telecom sales center in the Afghan capital

Two explosions targeted a sales center of a telecommunications company in the Afghan capital of Kabul, where the first explosion occurred in Isa Awal...

IMF Staff Concludes Visit to Pakistan

An International Monetary Fund (IMF) mission, led by Ernesto Ramirez Rigo, visited Islamabad and Karachi during September 16–20, 2019 to take stock of economic...

Whistleblower incriminates the US president

US President Donald Trump comes under pressure for alleged statements in a telephone conversation with a foreign leader. Democratic chairman of the House Intelligence...

Related News