ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Friday notified the Corporate Insurance Agents Regulations, 2020.

A press release issued by SECP said the initiative was aimed at strengthening the regulatory regime for distribution of insurance through corporate insurance agents, including bank assurance.

The regulations also include a code of conduct for corporate insurance agents of companies to clearly define their role and responsibilities while dealing with the policyholders.

The regulations are also aimed at curtailing the issue of mis-selling and ensure provision of maximum and clear information regarding company’s term and conditions of an insurance policy.

The regulations also include measures to promote technology driven modes of corporate insurance agents.

To protect policy holders’ rights, the regulations require corporate insurance agents including banks to ensure provision of clear and detailed disclosures to potential policyholders/customers.

The after-sales callback confirmation process has been improved and a basic script of callback confirmation has been included in regulations.

The regulations also introduced an automatic commission claw-back provision.

Published in Dawn, December 12th, 2020