The Federal Insurance Ombudsman Department has made significant progress in controlling insurance companies who swindle innocent victims of their hard-earned money by luring them into the trap of buying insurance policies through the involvement of bank managers.
Federal Insurance Ombudsman (FIO), Dr. Muhammad Khawar Jameel, said that the insurance companies are committing this fraud with the help of bank managers by luring customers into purchasing insurance policies by promising them huge profits but not informing them about the negative aspects of the policy contract. As a result, innocent customers get into the trap and lose their valuable savings.
Dr. Khawar, in a briefing, informed how he took proactive measures in the last one and a half years to protect innocent citizens from falling into the trap of fraud insurance companies.
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FIO negotiated both with the regulatory bodies of the banking sector and insurance companies to highlight this issue and stopped the bank managers from working for the insurance companies since it’s not their job.
Besides, FIO enlarged the tiny font of the policy contract and wrote the ten essential warnings of default and premature withdrawal in Urdu and English in bold and enlarged letters so that a common man does not miss the important points of the contract.
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FIO DG Mubashir Naeem Siddiqi, regional adviser Punjab FIO, Abdul Basit Khan, Islamabad region in-charge, Rifat Shaheen Qazi, consultant Anis Khan, coordinator Ronaq Hayat, and Sahara Welfare Foundation Norway Chairman, Hafiz Aslam Haque, were also present at the occasion.
