The signing ceremony was presided over by SECP Insurance Commissioner Fida Hussain Samoo, the statement said. PHOTO: FILE
KARACHI: Conventional and Islamic insurance companies signed on Thursday an agreement with the Central Depository Company (CDC) to formally join the Centralised Information-sharing Solution for Health Insurance (CISSII) at the head office of the Securities and Exchange Commission of Pakistan (SECP).
According to a press release, CDC CEO Muhammad Hanif Jakhura and authorised officials of insurance and Takaful companies signed the agreement.
The CISSII is a central electronic database and electronic claims register through which all stakeholders of the insurance industry can access information, thus reducing the risks associated with the management of filed claims and mitigating the risks and associated tediousness.
The CISSII was launched with the induction of seven private life insurance companies in April 2014. The inclusion of insurance and Takaful companies carrying out health insurance operations in the CISSII will enrich the database and help achieve the objective of this information-sharing mechanism, the statement said.
CISSII is the outcome of efforts of the SECP, Insurance Industry Reform Committee and CDC, with the objective of suggesting avenues for utilising the technology to revolutionise the insurance industry.
The signing ceremony was presided over by SECP Insurance Commissioner Fida Hussain Samoo, the statement said.
Published in The Express Tribune, July 29th, 2016.
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