Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed has emphasized improving the corporate image of the insurance industry by introducing new products with greater value to policyholders, upgrading service standards, and timely disclosure of customers and claims data.
He was meeting the representatives of the Insurance Association of Pakistan (IAP) and the Chief Executive Officers of major insurance companies. Akif was accompanied by SECP Commissioner Mujtaba Ahmad Lodhi, Head of Insurance Waseem Khan, and Executive Director Musarat Jabeen.
The chairman highlighted the significance of the insurance sector in the overall financial sector as well as in the economy of the country. He stressed the industry participants to play their due role in the development of the sector, along with the capital and debt markets of the country.
The SECP team encouraged industry representatives to share their suggestions and feedback on the way forward for the sound and orderly development of the insurance sector.
The industry participants suggested the implementation of mandatory insurance schemes including motor third-party liability insurance. The IAP pointed out that the sales tax on life insurance, health insurance, and reinsurance services by provincial revenue authorities significantly hindered the growth of the sector. Furthermore, issues concerning the placement of reinsurances by the industry were also discussed during the meeting.
The SECP chairman assured the IAP representatives of the full support of the SECP for the development of the sector and removing hurdles and resolving pressing issues of the industry.