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President directs FIO to ensure prompt relief to aggrieved policy holders

President directs FIO to ensure prompt relief to aggrieved policy holders
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June 14, 2024 (MLN): President Asif Ali Zardari has directed the Federal Insurance Ombudsman (FIO) to provide speedy and cost-free justice to aggrieved insurance policyholders against the maladministration of insurance companies.

According to a press release issued on Thursday, he said that FIO needed to enhance its outreach and ensure quick disposal of complaints so that a maximum number of citizens could be provided monetary relief.

The President expressed these views while talking to the newly-appointed Federal Insurance Ombudsman (FIO), Mumtaz Ali Shah, who called on him, at Aiwan-e-Sadr, today.

During the meeting, the President highlighted the need to create awareness about the role of FIO in providing justice to aggrieved policyholders in the settlement of insurance claims.

He also advised the FIO to use modern technology and ICT tools to increase the disposal of complaints. Earlier, the President administered the oath of office to Mumtaz Ali Shah as the Federal Insurance Ombudsman (FIO), during an oath-taking ceremony, held at Aiwan-e-Sadr, on Thursday.

Mumtaz Ali Shah is a retired Pakistan Administrative Service (PAS) officer and previously served in various positions throughout his career. He retired from PAS in March 2022 as Sindh Chief Secretary.

Meanwhile, the government spends more than half its revenue on interest payments, indicating very weak debt affordability which drives high debt sustainability risks. The budget estimated debt servicing payments to have increased by about 18% for fiscal 2025 compared with a year ago. About 55% of fiscal 2025 revenue (PKR9.8 trillion) is earmarked for interest payments on the government's debt. Pakistan's very weak debt affordability drives high debt sustainability risks. Having a significant share of its budget allocated towards debt payments will constrain the government's capacity to service its debt while meeting essential social spending and infrastructure needs.

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Posted on: 2024-06-14T09:58:59+05:00