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STATE LIFE INSURANCE CORPORATION OF PAKISTAN vs COMMISSIONER INSURANCE Ss — 2024 CLD 1403 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 1403 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
STATE LIFE INSURANCE CORPORATION OF PAKISTAN vs COMMISSIONER INSURANCE Ss
Provisions referred to
S. 122; S. 2; Pakistan Act (XLII of 1997); Insurance Ordinance; Pakistan Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

STATE LIFE INSURANCE CORPORATION OF PAKISTAN VS COMMISSIONER INSURANCE Ss.2(xvi), 122(3), 125 & 127---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Preamble---Disputes between the insurer and policyholder---Securities and Exchange Commission of Pakistan---Jurisdiction---Scope---Insurance Ombudsman---Powers---Insurance Company contended that S.122(3) of the Insurance Ordinance, 2000, explicitly barred Securities and Exchange Commission of Pakistan ('the Commission') to take cognizance of disputes between the insurer and policyholder---Validity---Section 122(3) of the Insurance Ordinance, 2000, bars the jurisdiction of a 'Court' (as defined in clause (xvi) of S. 2 of the Insurance Ordinance, 2000) and not the Commission---Commission is empowered to entertain the complaints of policyholders under the provisions of the Insurance Ordinance, 2000, and the Securities and Exchange Commission of Pakistan Act, 1997---Pertinently, Ss. 125 & 127 of the Insurance Ordinance, 2000 deal with the appointment, jurisdiction, functions and powers of the Insurance Ombudsman, respectively, which does not in any manner intervene with the powers of the Commission as envisaged under the law.

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