PAISP conducts a seminar to highlight the importance of insurance

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Junaid Zaidi, President Professional Association of Insurance Surveyors of Pakistan (PAISP) addressing a seminar “Importance of Insurance & Loss Adjusters”.

He said that Insurance Industry is mother of all industries. If all industries are destroyed physically, the insurance is only industry that can’t destroy physically but have abilities it can help all industries to restore. Unfortunately every Government has ignored this industry. Whereas this is only industry built up of purely public money where every policy holder contribute funds.

The president also stated that without the Loss Adjusters the policy holders can never by indemnified properly against their losses. They have the most important role to watch the public interest money collected from policy holders.

He informed that in Pakistan insurance industry is being regulated by Security & Exchange Commission of Pakistan (SECP) under the Insurance Ordinance 2000.

[embeddoc url=”https://en.baaghitv.com/wp-content/uploads/2020/09/2020_SRO_0744_I_2020-SECP.pdf” download=”all”]

SECP is a Regulatory body but now after issuance of SRO No 744 they have also get the Judiciary powers. SECP was already given legislative powers vide SRO No. 708. Now SECP become Regulators, Legislators and Judges at the same time.

Such SROs are the basis that are not only converting the institutions into mafias but are also contradicted to constitution of Pakistan. If Government has not revoke these SROs the mother of all industries will die one day.

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