Proposed Insurance Bill 2017 destroy entire industry

Proposed Insurance Bill 2017 will destroy entire Insurance Industry this was sated in a meeting of Professional Association of Insurance Surveyors (PAIS).PAIS emergency meeting was held in Lahore, which was chaired by PAIS President Junaid Zaidi.

The meeting was called after the news published in media that Security and Exchange of Pakistan (SECP) has been found involved in record tempering. During the meeting, it was highlighted that Insurance Surveyors had repeatedly raised voice regarding the SECP’s corruptions.

The PAIS chief said that the Insurance Surveyors have serious concerns regarding the proposed new Insurance Bill 2017, recently approved by the SECP, which is being imposed to watch the vested interests and its implementation will destroy the entire insurance industry especially the Surveyors Fraternity.

“Our association is in continues struggle since last many years for the public interests to protect the rights of policy holders. Now SECP has unveiled that they do everything for their interests only. This institution is not for the public benefits. Now we can understand why the Insurance Bill 2017 has been forwarded without considering the public benefits mentioned by us and other stakeholders,” he added.

He said, “This is the highest type of corruption and injustice that on one side SECP has been consulting and drafting for new Insurance Bill/Act since November 2016 and on other side they implemented new Insurance Rules 2017, vide SRO; 89 dated February 9, 2017.”

“We demand again that the said Insurance Bill 2017, prepared on the malafide intentions, be stopped immediately and reverted for further discussions, so that the requirements for public benefits may be added. Further Insurance Rules 2017 imposed vide SRO; 89 must also be revoked immediately,” he added.