Professional Association of Insurance Surveyors (PAIS) on Friday arranged an emergency meeting in Lahore, which was chaired by PAIS President Junaid Zaidi.
The meeting was called after the news published in media that Security and Exchange of Pakistan (SECP) has been found involved in record tempering. During the meeting, it was highlighted that Insurance Surveyors had repeatedly raised voice regarding the SECP’s corruptions.
The PAIS chief said that the Insurance Surveyors have serious concerns regarding the proposed new Insurance Bill 2017, recently approved by the SECP, which is being imposed to watch the vested interests and its implementation will destroy the entire insurance industry especially the Surveyors Fraternity.
“Our association is in continues struggle since last many years for the public interests to protect the rights of policy holders. Now SECP has unveiled that they do everything for their interests only. This institution is not for the public benefits. Now we can understand why the Insurance Bill 2017 has been forwarded without considering the public benefits mentioned by us and other stakeholders,” he added.
He said, “This is the highest type of corruption and injustice that on one side SECP has been consulting and drafting for new Insurance Bill/Act since November 2016 and on other side they implemented new Insurance Rules 2017, vide SRO; 89 dated February 9, 2017.”
“We demand again that the said Insurance Bill 2017, prepared on the malafide intentions, be stopped immediately and reverted for further discussions, so that the requirements for public benefits may be added. Further Insurance Rules 2017 imposed vide SRO; 89 must also be revoked immediately,” he added
Opposition members at the Senate Standing Committee on Commerce on Wednesday passed its amendments in the State Life Insurance Corporation (Reorganisation and Conversion) Bill, 2016, which has already been approved by the National Assembly. However, the government disagreed with the amendments and sought more time to deliberate over it.

Former minister for finance Senator Saleem Mandviwala said that by opposing the government’s bill and proposing its amendments, the opposition had saved State Life Insurance Corporation from privatisation as the government was all set to sell it off.
With Senator Shibli Faraz of PTI chairing the meeting, the committee discussed the amendments proposed by the standing committee on commerce sans PML-N members.
PML-N Senator Rahila Magsi was the only member who opposed the proposed amendments of the opposition members.
Faraz and Mandviwala of PPP urged the government to accept their amendments as the proposed bill is to be submitted to the Senate by September 30, 2016.
However, the government’s team, led by Dastgir, opposed the amendments arguing that the committee has given a very short time to assess the amendments’ impact.
The commerce minister urged the committee to give the ministry at least six weeks to consult with other stakeholders and seek legal opinion on the proposed amendments. However, the committee dominated by the opposition refused to give more time.
Dastgir argued that the proposed amendments by the opposition members will change the entire draft bill and requested the opposition to give appropriate time so that the government side can come up with a response to the proposed amendments.
Dastgir said that since it was an important bill, there are certain amendments which require thorough thought and the government wants to ensure that it was done properly and in accordance with the actual intent of the bill.