Due To Intervention of Federal Ombudsman Jubilee Insurance Refunded Rupees 3 million To Lady Complainant

Due to the intervention of Federal Ombudsman, Jubilee Insurance Company has refunded rupees three million to a lady complainant, Dr. Nighat Gillani.  As per details, Dr. Nighat Gillani filed a complaint before the Federal Ombudsman under Informal Resolution of Disputes (IRD) system for redressal of her grievance against Jubilee Insurance Company.  She stated that she had invested Rs. 3 million in the HBL against which HBL has to pay her profit @11%.  Next year when she contacted the bank authorities for profit, she was informed that her amount has been invested into Jubilee Life Insurance Company.  She stated that a lady bank officer got some signatures on some forms telling her to get profit.  Later, it transpired that her amount was invested fraudulently by the lady bank officer into Jubilee Insurance Company against which she had received Rs. 4 lacks as commission.  She agitated and asked to refund her amount, but HBL informed that she may get back her amount only after deduction of 85% of the total amount.  After failing to get her money back, she filed a complaint before Insurance Mohtasib but did not get relief.  Resultantly, she approached Registrar Federal Ombudsman Secretariat Mr. Muhammad Saqib Khan and Dy. Registrar Ms. Zariab Mussarat for registration of her case under IRD system for redressal of her grievance.  HBL, FIA, Security Exchange Commission of Pakistan(SECP) and State Bank of Pakistan were engaged in the matter.  Under the direction of Federal Ombudsman, SECP intervened as per its official mandate and asked Jubilee Insurance Company to refund her amount, as the latter had violated basic insurance rules.  Finally, after hectic efforts of Registrar and Dy. Registrar WMS and SECP, Jubilee Life Insurance Company refunded Rs. 3 million to the lady complainant, Dr. Nighat Gillani who has thanked the Federal Ombudsman for his kind intervention in getting refund of her amount from Jubilee Life Insurance Company. 
 The Federal Ombudsman Mr. Ejaz Ahmad Qureshi has appreciated the efforts of Registrar, Dy. Registrar WMS, SECP and State Bank of Pakistan in successfully getting the refund of the large amount of the lady complainant through the IRD System.  


          Director Media