GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-

Islamabad, November 16, 2023

NOTIFICATION

S.R.O. 1637 (I)/2023.- In exercise of the powers conferred by sub-section (2) of Section 9 of the Insurance Ordinance 2000, the Securities and Exchange Commission of Pakistan (the “Commission”), hereby revokes the registration of SPI Insurance Company Limited as an insurer consequent upon the sanction granted by the Hon’ble High Court of Sindh vide its Order dated January 23, 2023, in respect of the Scheme of Merger in the matter of Petition, J. C. M. No. 49 of 2021, whereby the entire undertaking and business of M/s SPI Insurance Company Limited shall stand transferred to and vested in The United Insurance Company of Pakistan Limited.

Now, therefore, SPI Insurance Company Limited, shall not be authorized to carry on insurance business in Pakistan with effect from January 23, 2023 (the date of sanction of scheme by the Hon’ble High Court of Sindh) and any business activity carried by it or any liability incurred by it shall be payable by the United Insurance Company of Pakistan Limited.

This notice of revocation of registration of SPI Insurance Company Limited is being published in pursuance of the provisions of sub-section (1) of Section 10 of the Insurance Ordinance, 2000.

[File No. SY/SECP/8/13]

( Bilal Rasul )
Secretary to the Commission