Friday , June 21 2024

Authorities order insurance companies to review operations

A Ministry of Finance unit has demanded insurance companies review their services after a series of fraud accusations.

Representatives of the Department of Insurance Management and Supervision on Monday ordered insurance firms to be transparent about their services when consulting customers.

“Insurers need to ensure customers know what they are paying for,” the department said.

“Stringent punishment must be given to salespeople who change the information of sales materials to confuse customers and give them unrealistic expectations.”

The ministry’s order came after several customers called on the government to investigate insurance companies and banks for partnering with each other to sell high-risk investment assets masked as insurance policies.

Many customers have claimed that on going to the bank they were later told they had bought an insurance policy and had to pay premiums.

The insurance department on Tuesday told insurers they were obliged to give customers the products they needed according to their accepted level of risk.

Insurers must set up a hotline for customer complaints and then transfer any reports to authorities, the department said.

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