SECP Seeks Digital System to Resolve Policyholder Grievances

News Desk
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has formally recommended expanding the network of insurance tribunals, establishing small dispute resolution committees (SDRCs), and deploying an integrated digital complaints system to streamline nationwide policyholder grievance redressal.
The comprehensive policy recommendations are detailed in a newly released SECP report titled “Strengthening Insurance Grievance Redressal in Pakistan:
Current Status and Strategic Way Forward,” which highlights that existing mechanisms collectively handled 37,029 complaints throughout 2025.
To overcome systemic delays and jurisdictional bottlenecks, the apex regulator has urged the Ministry of Law and Justice to increase insurance tribunal formations based on strict geographical demands, officially publish designated sessions courts functioning as tribunals, and ensure the prompt, uninterrupted appointment of judicial members.
SECP Chairman Dr Kabir Ahmed Sidhu emphasized that strategic institutional coordination and modern technological integration are vital to significantly shrinking complaint-resolution timelines, bolstering regulatory accountability, and guaranteeing accessible redressal forums for every aggrieved policyholder across the country.
The policy overhaul carries profound implications for Pakistan’s developing insurance sector, where consumer trust and legal recourse have historically remained under strain due to sluggish dispute resolution mechanisms.
By institutionalizing digitized transparency and decentralized small dispute committees, the initiative aims to protect vulnerable investors, elevate consumer confidence in financial institutions, and foster a more competitive, resilient corporate landscape capable of attracting long-term domestic and foreign investments.
Following the release of the strategic report, the SECP has instituted an action-oriented framework that systematically assigns specific remedial measures to relevant stakeholders and government bodies. Ongoing inter-institutional consultations between the regulator, the Ministry of Law, and insurance industry stakeholders are expected to accelerate in the coming weeks to operationalize the digital complaints interface and fast-track the establishment of new tribunals.