Lahore, 8th September: An urgent meeting of managing committee is called on by Junaid Zaidi President Professional Association of Insurance Surveyors of Pakistan.
Earlier the Association notified billions of rupees corruption to the Chairman Security & Exchange Commission of Pakistan but he did not take any action, now the Association has decided to lodge a complaint to Prime Minister Imran Khan.
The president in his address informed that the Association had complaint Chairman SECP about the corruption being patronized by his office of Insurance Division, whereby misappropriating the law. Billions of public money have been looted during the last fifteen years.
Earlier, the Association had submitted all the legal parts that the practice of loss assessment by the paid employees of the insurance companies for the purpose to pay the claims against the loss/damages to the insured property is illegal. Such practice is not only promoting corruption but also the policyholders remained unindemnified.
The chairman instead of making any inquiry he is supporting the stance of Commission that such practice is not illegal, whereas the Insurance Ordinance 2000 section 111 restraint to assess to a loss for the purpose to pay claims except one is registered as Loss Adjusters with SECP under section 112 & 113 of Insurance Ordinance 2000.
Whereas as per law neither insurance companies nor their employees can be registered as Loss Adjusters.
The Association demanded Prime Minister Imran Khan look into these billions of corruption and take action against the involved persons.
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