Draft Amendments to Securities and Exchange Commission (Insurance) Rules, 2002

Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 8 th December, 2009 S.R.O. 1024 (I)/2009.- The following draft of amendments in the Securities and Exchange Commission (Insurance) Rules, 2002 which are proposed to be made by the Securities and Exchange Commission of Pakistan, after approval of the Securities and Exchange Policy Board, in exercise of the powers conferred by sub-section (2) of section 167 of the Insurance Ordinance, 2000 (XXXIX of 2000) read with S.R.O No. 708(I)/2009, dated 27 th July 2009, is hereby published, as required by sub-section (2) of section 167 of the said Ordinance, for information of all persons likely to be affected thereby and notice is hereby given that objections and suggestions thereon, if any, received within 10 days from the date of this publication will be taken into consideration:- In the aforesaid Rules, after rule 7, the following new rule shall be inserted, namely:- “7A. Annual Supervision Fee to be paid by an insurer in terms of clause (c) of sub-section (3) of section 11 of the Ordinance.- Every insurer registered under the Ordinance shall pay to the Commission, on or before the fifteenth day of January in every calendar year, an annual supervision fee, - (a) initially at the rate of Rs. 1.50 per thousand of gross direct premium written in Pakistan during the calendar year, subject to a maximum of rupees fifty million; and (b) at the expiry of one year, at the rate of Rs. 2.00 per thousand of gross direct premium written in Pakistan during the calendar year, subject to a maximum of rupees fifty million.” No. Ins/11(3)(c)/2009