Regulatory Alerts2023-09-08
Added · Updated
Circular 14: Licensing and Allied Application with Sponsors/Director as Foreign Individual/Entities
The Securities and Exchange Commission of Pakistan mandates that licenses for insurers and insurance intermediaries with foreign sponsors, directors, or shareholders can only be granted after obtaining prior security clearance from the Ministry of Interior. This requirement applies to all licensing and allied applications under the Securities and Exchange Commission of Pakistan Act, 1999, or the Insurance Ordinance 2000. The directive takes immediate effect.