To promote the phenomenal success of bancassurance model and to protect and ensure the policy holder
's right, the SECP (Securities and Exchange Commission of Pakistan) issued its first formal guidelines, for the businesses falling under the purview of bancassurance mode, in the year 2010.
Last year, IRA received 2,233 complaints from policy holders
against 3, 140, 000 policies in force during the period.
State Life Insurance Corporation is committed to work tirelessly to advance maximum benefits to its policy holders
by eliminating all unjustified expenditures and make this Corporation a pride for the public sector enterprises and for its dedicated employees and field staff.
The statement added: "With the benefit of this ex gratia payment, brokers can seek out an alternative insurer of their choice for affected policy holders
The policy holder
must first notify the insurance company about the incident.
The classic and gold packages also insure the policy holder
against eIloss by theft or strayingeIU.
The scheme has issued payments to a further 17,000 policy holders
since April this year, which has resulted in more than 877,000 of 1 million eligible policyholders receiving payments.
Economic secretary to the Treasury, Andrea Leadsom, commented "I am pleased with the progress the Equitable Life Payment Scheme is making and am proud that the government is tackling the legacy of Equitable Life, helping over 877,000 Equitable Life policy holders
with over GBP970m worth of payments."
No Tribunal under the provision of section 12 1 of the Insurance Ordinance of 2000, was constituted till 20-6-2006 when a notification was issued by Law Justice and Human Right Division, in exercise of powers under section 121 of the Insurance Ordinance of 2000, and the Federal Gove rnment constituted Special Tribunals for entertaining and deciding the claims of the policy holders
and the respondent/insurance corporation.
"Over the years, it has been our experience that independent insurance agents are an invaluable resource in understanding our policy holders
and in delivering the service their clients expect and deserve," he said.
Kamaludin also added that efforts have been put into contacting these policy holders
. "We have tried to contact the policy holders
, but some of them have not updated their personal information, which makes it is a little difficult for us to get hold of them as they are no longer using the same numbers or addresses," he said.
Addressing how takaful solvency requirements - a concept similar to capital adequacy ratios for banks - are calculated will help to ensure firms match the risks on their books to their future obligations to policy holders
, Mr Al Baker said.