The Securities and Exchange Commission of Pakistan (SECP) has engaged provinces about digitising the death certificate system so that heirs of life insurance policyholders can conveniently obtain their claims.
The SECP has also urged insurance companies to work with the National Database and Registration Authority (Nadra) to build a platform so that information about a policyholder’s death can be made available to companies as quickly as possible and death claims can be launched automatically.
SECP Commissioner Insurance Sadia Khan wrote to the Punjab and Sindh governments, saying that there was a need to make it easier for the heirs of insurance policyholders, and that death certificates should be digitised with links to Nadra.
Simultaneously, the SECP has urged life insurance companies to design a method that will allow them to automatically receive details of a policyholder’s death from Nadra.
The letter was sent in response to complaints received by the SECP about insurance companies’ attitudes when heirs approached them after the policyholder’s death.
The SECP letter stated, “The timely availability of credible death information can permit quick claim payment to the life insurance beneficiaries.”
