Regulatory Alerts2023-07-31
Added · Updated
Circular No. 2 of 2023 - Amendment in Circular 24 of 2010 Reinsurance/Re-Takaful Treaty Arrangements 2011
The Securities and Exchange Commission of Pakistan relaxes reinsurance and retakaful treaty rating requirements for non-life insurers and takaful operators for the 2023 year. At least 60% of treaties must be placed with operators rated 'A' or above, up to 40% with 'BBB' or above, and up to 10% (non-life) or 20% (takaful) with 'B' or above, while placements below 'B' remain unacceptable. These relaxed thresholds apply only until further notice, after which the original 2011 requirements will resume for 2024 onwards.
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