ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified draft Corporate Insurance Agents Regulations, 2020 for eliciting public comments, a statement issued by the commission said on Thursday.
The proposed regulations aimed at strengthening the regulatory regime for corporate insurance agents, including bancassurance and curtail mis-selling to potential policyholders.
The draft regulations further strengthen the sales process by offering more disclosures to potential policyholders / customers.
The after sales callback confirmation process has been improved by including basic script of callback confirmation in the regulations. Moreover, all documents will be provided to policyholder, either in English or Urdu language at their choice. The proposed regulations promote digitalisation, introduce automatic commission claw-back provision, minimum premium allocation rates and rationalise commission rates, etc.