Pakistan:Regulator warns against placing trust in insurance agents’ verbal promises

The Securities and Exchange Commission of Pakistan (SECP) is urging insurance policyholders not to rely on verbal promises made by insurance agents but to instead cross-check the details stated in the policy documents.

The regulator urges customers to read carefully all the contents of documents presented to them by an insurance agent before signing and ensure that they understand the terms and conditions of the product being offered.

Responding to a high number of complaints received against insurance agents, the corporate sector regulator in a statement asked policyholders to register complaints in all relevant forums against insurance agents involved in making false promises.

The SECP mentioned that the complaint resolution forums available to the policyholders including its Service Desk Management System (SDMS) for addressing grievances of the general public including insurance policyholders against the corporate sector.