LAHORE: Securities and Exchange Commission of Pakistan (SECP) may cancel the licenses of surveyors involved in malpractices in complicity with big stakeholders of insurance industry, a statement said on Friday.
“Some licensed motor surveyors are illegally printing reports on the instructions of insurers, underwriters and Takaful operators. These illegal practices and may cost them their licenses,” Surveyors and Adjusters Association of Pakistan (SAAP) said in a letter circulated among its members.
“SECP, being well-aware of this malpractice, is monitoring it closely. “(If found guilty), the licences of the wrongdoers could be cancelled and in this scenario, the association will be unable to help the de-licensed members.”
The SAAP letter alleged the big guns of the industry are involved in this illegal practice and thousands of such reports are being printed right now; however, they cannot meet the legal requirement of insurance claims.
“The government should ban self-surveys,” the SAAP said and in the same breath requested the members to call off the practices that run counter to the interests of surveyors and abet the insurers to breach the law.
“The association can only stand with its members and fight for their rights for as long as their practices are legal,” the SAAP said in the letter and added the association can also request the SECP to take against insurance companies and improve the surveyors’ fee schedule. Wrapping up the statement, the SAAP stressed that members should abide by the law to avoid possible cancellation of their licenses.
