Lahore, 10th September: In a CEC meeting of Professional Association of Insurance Surveyors of Pakistan (PAISP) held today, the President Junaid Zaidi stated that Security & Exchange Commission of Pakistan SECP has twisted our verdict in replying to our complaint lodged to Chairman SECP.
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The Association is repeatedly demanding that Insurance companies are violating sect. 111 of Insurance Ordinance 2000 by assessing the loss through their employees for the purpose to pay the claims of policyholders whereas such assessment of loss can only be done by the person registered with SECP under sect 113 of the same Ordinance.
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Whereas SECP is mentioning that to conduct “Nature of Survey” by the employees of Insurance Companies is allowed in sect. 111(2)b of Insurance Ordinance 2000.
President said that the Association also believe that Insurance companies can contact “Nature of Survey” but our complaint is about “Assessment of Loss” being conducted by insurance companies.
This change of our verdict by SECP is the solid witness that SECP is patronising this practice.
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