RegAlert2019-11-20
Added · Updated
General Takaful Accounting Regulations, 2019
The Securities and Exchange Commission of Pakistan mandates General Takaful Accounting Regulations, 2019, effective for accounting periods commencing on or after January 1, 2020. These regulations require Takaful operators and window Takaful operators to prepare regulatory returns and published financial statements in accordance with International Financial Reporting Standards and Islamic Financial Accounting Standards, while repealing specific provisions of the Insurance Rules, 2017 and Insurance Accounting Regulations, 2017. The document prescribes specific accounting treatments for contributions, wakala fees, Qard-e-Hasna, claims liabilities, re-takaful expenses, and acquisition costs, and defines segment analysis thresholds for gross contributions exceeding ten percent. Window Takaful operators must disclose their operations as single line items in financial statements and submit separate regulatory returns, including a specific solvency form for their Takaful business.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 20th November, 2019 NOTIFICATION S.R.O. 1416 (I)/2019.- In exercise of powers conferred by sub-section (3) of section 167 read with sub-section (1) and (2) of section 46 of the Insurance Ordinance 2000 (XXXIX of
2000) and rule 29 of the Takaful Rules, 2012, the Securities and Exchange Commission of
Pakistan, with the approval of the Policy Board, is pleased to make the following regulations, the same having been previously published in the official Gazette through S.R.O. 992(I)/2018 dated August 8, 2018.
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.