SECP holds roundtable to revamp bancassurance regulatory framework

News Image

By MG News | June 14, 2019 at 05:32 PM GMT+05:00

0:00

June 14, 2019: The SECP held a roundtable to seek stakeholders’ suggestions and recommendations to revamp the 2015 bancassurance regulatory framework to achieve market development, enhance insurance penetration and protect policyholders’ interests.

A large number of representatives of insurance industry, officials of the State Bank, federal insurance ombudsman and members of the small dispute resolution committees attended the roundtable in Karachi. The participants deliberated upon various bottlenecks and issues hampering growth of the insurance sector and suggested solutions.

The tentative recommendations include mandatory contents of call-back confirmation, provision of documents in Urdu, rationalization of remuneration structure for banks, communication during policy cycle through policyholders’ preferred mode, automated need analysis, fit and proper criteria for head of bancassurance and training requirements for sales staff. The participants also proposed to revamp the procedure of issuance of insurance policies through digital modes and training through distance learning programs to provide ease of doing business to insurance companies.

The participants compared notes to achieve unanimity on various issues. The State Bank representatives said that they were fully committed to strengthening the framework and improving the supervisory process pertaining to banking industries.

The SECP officials requested the stakeholders to submit their proposals in writing as soon as possible.

Related News

Name Price/Vol %Chg/NChg
KSE100 128,199.43
336.91M
2.05%
2572.11
ALLSHR 79,787.62
1,023.63M
1.53%
1202.91
KSE30 39,105.00
121.90M
2.49%
951.21
KMI30 186,915.61
131.16M
1.10%
2029.11
KMIALLSHR 54,201.88
553.60M
0.81%
438.07
BKTi 33,476.68
51.49M
4.87%
1555.00
OGTi 27,962.58
9.77M
0.68%
188.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 105,800.00 106,200.00
105,625.00
50.00
0.05%
BRENT CRUDE 67.15 67.29
67.09
0.04
0.06%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 103.80
103.80
-3.45
-3.22%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.44 65.65
65.40
-0.01
-0.02%
SUGAR #11 WORLD 15.70 16.21
15.55
-0.50
-3.09%

Chart of the Day


Latest News
July 02, 2025 at 06:01 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 01, 2025 at 10:04 PM GMT+05:00

Pakistan’s trade deficit improves by over 9% in June


July 01, 2025 at 05:24 PM GMT+05:00

Gold price in Pakistan rises Rs6,600 per tola



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg