Pakistan, Aug. 21 -- In a bid to strengthen the country's insurance sector, the Securities and Exchange Commission (SECP) has proposed mandatory timelines for insurance companies to process and settle claims, in a move aimed at protecting consumers and reducing delays in the insurance sector.

The regulator on Thursday issued the draft Market Conduct Rules 2026 for public consultation, with the proposed framework applicable only to individual insurance policies.

Under the draft rules, life insurance claims would have to be decided within 20 days of receiving the required documents, while motor insurance claims would need to be decided within five days of the survey report. Other non-life insurance claims would have to be decided within s...