Insurance agents’ rules notified

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), to strengthen the regulatory regime for distribution of insurance through corporate insurance agents, including bancassurance, has notified the Corporate Insurance Agents Regulations, 2020, a statement said on Friday.

The regulations also include the code of conduct for corporate insurance agents of insurance companies to clearly define their role and responsibilities, while dealing with the policyholders, it added.

The regulations were aimed at curtailing the issue of misselling and ensure provision of maximum and clear information regarding the company’s term and conditions of an insurance policy.

The regulations also include measures to promote technology-driven modes of corporate insurance agents.

To protect the rights of the policyholders’, the regulations require corporate insurance agents, including banks to ensure provision of clear and detailed disclosures to potential policyholders / customers.

The after-sales callback confirmation process has been improved and a basic script of callback confirmation has been included in the regulations, the statement said.