Amendments: SECP raises value of claims for word process holders
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday told amendments to Rule 6 of a Small Dispute Resolution Committees (Constitution and Procedure) Rules, 2015, in practice of a powers conferred underneath Section 117 of a Insurance Ordinance, 2000.
The boundary of disputes being arbitrated by a SECP as prescribed underneath a manners were utterly nominal, so infancy of a disputes did not tumble within a office of a committees, according to a press release.
Therefore, a boundary of financial value of claims have been increasing to Rs2.5 million for motor/life word policies and Rs5 million for domestic word policies.
There was a good need to lift a financial boundary of a claims to be arbitrated by these committees. It will element a existent protest forums (ombudsman and tribunals) and revoke effort on these forums.
Published in The Express Tribune, Feb 2nd, 2017.
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Article source: https://tribune.com.pk/story/1314217/amendments-secp-raises-value-claims-insurance-policy-holders/