Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued a revised illustration format to improve the readability, standardize insurers’ illustrative values and safeguard prospective policyholders from any deception.
“In this regard, S.R.O. 1088 (I)/2024 has been issued and is applicable on life insurance and family takaful products with savings components,” a news release said. Life insurance and family takaful operators use product illustrations to highlight the benefits of long-term financial protection and savings vehicles, typically lasting over 5 to 20 years. Hence, the product illustrations are an integral part of the sales process of life insurance and family takaful policies.
The revised requirements aim to enhance transparency in product illustrations through improved disclosures and making them simple for the understanding of potential policyholders by explicit disclosure of allocation charges, clearly mentioning key disclosures with simplified format and enhanced font size.
Moreover, Companies have requested to reduce illustration scenarios from 3 to 2 and remove inflation-adjusted values, displaying only actual amounts allocated to policyholder accounts.
Federal Minister for Information, Broadcasting, National Heritage, and Culture Attaullah Tarar on Thursday, welcoming the…
Justice Ali Baqar Najafi on Thursday took oath as the Acting Chief Justice of the…
Women's participation in the economy, especially in the use of technology and digital spaces, remains…
Chairman Joint Chiefs of Staff Committee (CJCSC) General Sahir Shamshad Mirza called on Crown Prince…
Federal Minister for Interior, Mohsin Naqvi on Thursday inaugurated the newly built state-of-the-art Passport and…
Mayor Karachi Barrister Murtaza Wahab Thursday announced to restore Shaheed Benazir Bhutto Football Ground and…
Leave a Comment