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).
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN INSURANCE DIVISION
No. ID/PRDD/CIRCULARS/2023 May 29, 2023
Circular No. 08 of 2023
Subject: Insurance Claims under Section 116 of Insurance Ordinance, 2000
The Securities and Exchange Commission of Pakistan in exercise of power section 40B read with clause (s) of section 20 (4) of the Securities and Exchange Commission of Pakistan Act, 1997 hereby directs all life insurance companies/family takaful operators to ensure compliance with the requirements of section 116 of the Insurance Ordinance, 2000 (the “Ordinance”) including filing of petitions under sub-section (3) thereof in the manner as provided therein and deposit the related amount with the concerned insurance tribunal in accordance with the requirements of sub-section (5) thereof.
- Furthermore, all life insurance companies / family takaful operators shall within two months of the close of every year submit with this office the number of policies along with their related amounts, which are subject to the requirements of section 116 of the Ordinance, however, amounts against which have not been submitted with the Insurance Tribunal(s).
(Aamir Khan) Commissioner (Insurance Division)
Distribution: i. Chief Executive of all Life Insurance Companies ii. Chief Executive all Takaful Operators iii. Chairman Insurance Association of Pakistan (IAP) iv. President (Institute of Chartered Accountant of Pakistan) v. President (Pakistan Society of Actuaries) vi. President (Institute of Cost and Management Accountants of Pakistan)
NIC Building, 63- Jinnah Avenue, Blue Area, Islamabad. PABX: 9207091-4, Web: www.secp.gov.pk