ISLAMABAD, Sept 26: The office of Insurance Ombudsman has been provided for under the Insurance Ordinance, 2000, to redress the grievances of policy-holders against any insurance company, according to an official source.

One of the numerous cases awaiting a decision by the Federal Government, even after the passage of two years, the implementation of part of the Ordinance relating to appointment of Ombudsman, this correspondent gathered from various sources in the Ministry of Commerce.

The new insurance law, according to these sources, created the Insurance Ombudsman’s office to receive complaint from a policy holder and investigate any allegation of mal-administration on the part of any insurance company.

Under this legislation, the SEC was designated as the regulator of the insurance industry in place of the Controller of Insurance under the Ministry of Commerce.

So far as the SEC was concerned, an SEC official stated, it had already carried out a number of reforms including increase in minimum paid-up capital, reinsurance and solvency margin for improving the health of insurance industry and safeguarding the interests of policy holders.

At the same time, it has made all necessary arrangements to establish the Secretariat of Insurance Ombudsman as required by the law. But how soon that office can come into being depended on the appointment of Ombudsman by the Federal Government, the source added.