Regulatory Alerts2023-04-18
Added · Updated
Circular No. 05 of 2023 – Applicability of Section 166 of Insurance Ordinance to CAR/EAR Policies
Non-life insurers must review Contractors’ All Risk and Erection All Risk policies on a case-by-case basis to ensure coverage is limited to private contractors’ property, machinery, or liabilities. Policies covering only private contractor risks are exempt from Section 166(3) of the Insurance Ordinance, 2000, whereas those covering public property risks must be placed exclusively with M/s National Insurance Company Limited. These requirements apply prospectively to new policies issued after April 10, 2023, and do not affect existing policies or their renewals.
Topics
Share