President Dr. Arif Alvi has asked the Federal Insurance Ombudsman to ensure that insurance companies disclose the conflict of interest to the purchaser of the insurance policy before selling the policy.
He opined there had been instances of grave mis-selling of policies which required a serious relook at product structure and front-loaded commission of the agents of insurance companies.
The President gave these directions while deciding upon a representation filed by the Pak-Qatar Family Takaful Ltd against the order of the Federal Insurance Ombudsman.
