LAHORE - Professional Association of Insurance Surveyors of Pakistan (PAISP) on Tuesday staged a protest demonstration against SECP and said that Insurance Bill 2017 and Insurance Rules (SRO-89) drafted by the SECP are based on malafide act, which intend to open door of corruption in the Insurance Industry.

PAISP President Junaid Zaidi said, “Since the Zafar Hijazi (ex-chairman of SECP) is arrested and suspended in consequence of confession statements by Executive Director Ali Azeem Ikram and Director Maheen Fatima that they have tampered the record under pressure of Hijazi. We the surveyors have serious reservations about this department. As earlier we are repeatedly notifying the government that SECP is a corrupt department. This department is only promoting corruption. The Insurance Bill 2017 and Insurance Rules (SRO-89) drafted by them are based on malafide act to open the door of corruption in the Insurance Industry.”

“For the purpose of legislation of Insurance Bill this department by the instructions of Finance Minister Ishaq Dar had arranged round tables at Karachi and Lahore between SECP and the stake holders. Our delegation of Insurance Surveyors had attended the same, we also met the SECP chairman but our reservations to protect the rights of policy holders were never considered and ignored at all the platforms. This uni-sided legislative process rejected by the stake holders at all the platforms and we are continuously protesting to stop the Insurance Bill,” he said.

Despite of our multiple complaints lodged to the finance minister, no action against SECP has ever taken, he added. Not only the Insurance Bill is forwarded but the Insurance Rules are illegally imposed by SECP, he said. He said that Dar should take action and revoke illegitimate Insurance Bill 2017 and Insurance Bill 2017 immediately.