ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) held a roundtable to seek stakeholders’ suggestions and recommendations to revamp the 2015 bancassurance regulatory framework so that the goal of market development could be achieved, insurance penetration could be enhanced and policyholders’ interests could be protected.
A large number of representatives of the insurance industry, officials of the State Bank of Pakistan, federal insurance ombudsman and members of the small dispute resolution committees attended the roundtable in Karachi. The participants deliberated upon and suggested solutions to various bottlenecks hampering the growth of the insurance sector.
The tentative recommendations included mandatory contents of call-back confirmation, provision of documents in Urdu, rationalisation of remuneration structure for banks, communication during policy cycle through policyholders’ preferred mode, automated need analysis, fit and proper criteria for head of bancassurance and training requirements for sales staff.
The participants also proposed to revamp the procedure regarding the issuance of insurance policies through digital modes and training through distance learning programs so as to provide ease of doing business to insurance companies.
The participants compared notes to achieve unanimity on various issues.
The central bank representatives said that they were fully committed to strengthening the framework and improving the supervisory process pertaining to the banking sector.
The SECP officials requested the stakeholders to submit their proposals in writing as soon as possible.