TLTP
\nISLAMABAD
\nWhile expressing commitment to strengthen the regulatory framework for distribution of insurance through corporate agents on Friday, the financial regulatory agency Securities and Exchange Commission of Pakistan has notified Corporate Insurance Agents Regulations, 2020.
\nSaid in a press release that the regulations also include code of conduct for corporate insurance agents of insurance companies to clearly define their role and responsibilities while dealing with the policyholders.
\nThe Securities and Exchange Commission of Pakistan (SECP), to strengthen the regulatory regime for distribution of insurance through corporate insurance agents, including bancassurance has notified the Corporate Insurance Agents Regulations, 2020.
\nThe regulations also include code of conduct for corporate insurance agents of insurance companies to clearly define their role and responsibilities while dealing with the policyholders.
\nThe regulations aimed at curtailing the issue of mis-selling and ensuring provision of maximum and clear information regarding the company\u2019s term and conditions of an insurance policy.
\nThe regulations also include measures to promote technology driven modes of corporate insurance agents. To protect policyholders\u2019 rights, the Regulations require corporate insurance agents including banks to ensure provision of clear and detailed disclosures to potential policyholders\/customers.
\nThe after-sales callback confirmation process has been improved and a basic script of callback confirmation has been included in regulations.
\nThe regulations also introduced an automatic commission claw-back provision. Product structure and bank\u2019s remuneration have been further aligned to policyholder\u2019s interest through rationalization of commission rates and introduction of minimum premium allocation rates.
\nOther areas addressed in the regulations include, promotion of digitalization, encouraging suitable product mix, provision of bilingual policy documents to policyholders, increased communication with the policyholders through SMS and emails, enhanced disclosure requirements including showing audio-visual clip of insurance product to policyholders, enhanced training requirements etc. <\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP ISLAMABAD While expressing commitment to strengthen the regulatory framework for distribution of insurance through corporate agents on Friday, the financial regulatory agency Securities and Exchange Commission of Pakistan has notified Corporate Insurance Agents Regulations, 2020. Said in a press release that the regulations also include code of conduct for corporate insurance agents of insurance […]<\/p>\n","protected":false},"author":2,"featured_media":161480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-161471","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n