SECP advises insurance firms

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has asked the insurance companies to waive non-mandatory requirements for the processing of claims to facilitate insurance policyholders in the current challenging times, a statement said on Monday.

The commission has also advised insurers to use alternative methods for verifying the authenticity of claims, it added.

The outbreak of COVID-19 has posed unprecedented challenges to businesses across the country.

The SECP has been continuously taking measures to extend every possible relief and facilitation to companies and persons connected therewith being investors, borrowers or policyholders.

The commission has also asked the companies to consider extension in the grace period of payment of renewal premiums under insurance policies.