SECP directs insurers to update websites

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) directed insurance companies to make their websites updated within a month. 

The SECP directed at least 33 insurance companies to make their sites functional after it found that most of them have non-functional sites, a statement said.

The SECP discovered various deficiencies on the websites. 

In December 2011, the SECP directed insurance companies to maintain necessary information about all their products and claims/grievance handling mechanism on their websites in an easy-to-follow manner and in both English and Urdu. 

Later, the Securities and Exchange Commission of Pakistan also directed them to have online updated list of policyholders who have not claimed their benefits along with the information about the contact person who would provide the necessary information to the insured or his/her legal heirs. 

“This mandatory updated website will serve as a valuable tool for current and potential investors and policyholders to make informed decisions,” the statement said. “Updated websites will also benefit the companies, giving them an effective platform to provide all relevant material information to stakeholders and to seek their feedback wherever required.” 

In July 2014, the commission ordered all the listed and non-listed companies to ensure products information, objectives, governance structure, election of directors and financial positions on their sites to benefit its members, potential investors and the public. 

In two other notifications issued in December 2015 and January 2016, the commission further asked the companies to keep certain information in Urdu language on their sites. The companies are required to place a web link of JamaPunji – an investor education program initiated by the SECP – on their websites. 

“The SECP is constantly urging companies to comply with these mandatory requirements, believing that this is a step towards aligning participants with global technological advances and the best international practices,” said the statement.