PAIS asks SECP to revise Insurance Rules
PR LAHORE – Junaid Zaidi, president Professional Association of Insurance Surveyors of Pakistan (PAIS), while talking to the media, informed that the annual dinner of the Association was held the other night. The members demanded an early solution for the problems raised after issuing New Insurance Rules 2017 by SECP Policy Board.
Zaidi informed that to fulfill the demand of members, the Association has sent the letter to SECP Policy Board and the authorities concerned. In the letter, Association reminded SECP to revise the Insurance Rules according to the 11-point agenda suggested in the meeting held on March 10, 2017 with the then chairman Zafar Hijazi. He informed that in the suggestions Association asked SECP to revoke clauses of Paid Up Capital and Indemnity Insurance as these classes are irrelevant, unlawful and were added to please IMF and ADB. Also, some new clauses for the protection of surveyors were also suggested which are omitted whilst framing the Rules. If the Rules are not revised without considering our suggestions not only the policy holders will suffer heavy loss but the insurance industry will be also destroyed. The president added that if the Rules are not revised without considering the lawful procedures, Association reserves the rights to knock the door of court.