Islamabad (Commerce Desk) — To protect insurance consumers, the Securities and Exchange Commission of Pakistan has released the draft Market Conduct Rules 2026 for insurance companies for public consultation.
The proposed rules will apply only to individual insurance policies, while companies’ responsibilities from policy issuance to claim payment have also been clearly defined.
Under the draft, a decision on a life insurance claim must be made within 20 days after receiving the relevant documents. For motor insurance claims, a decision is proposed within five days after receiving the survey report, while other non-life insurance claims would have to be decided within seven days.
Once a claim is approved, the insurance company will be required to make the payment within seven days. Similarly, a health insurance claim for a patient admitted to a hospital must be settled within 20 days, while approval for hospital discharge will have to be provided within three hours.