Regulatory Alerts2023-07-31
Added · Updated
Circular No. 08 of 2023 - Insurance Claims under Section 116 of the Insurance Ordinance 2000
Life insurance companies and family takaful operators must comply with Section 116 of the Insurance Ordinance, 2000, including filing petitions under sub-section (3) and depositing related amounts with the concerned insurance tribunal under sub-section (5). Additionally, these entities are required to submit an annual report to the Securities and Exchange Commission of Pakistan within two months of the close of each year. This report must detail the number of policies and associated amounts subject to Section 116 that have not yet been submitted to the Insurance Tribunal(s).
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