RegAlert2012-01-09
Added · Updated
Insurance Companies Sound and Prudent Management Regulations 2012
The Securities and Exchange Commission of Pakistan mandates fitness and propriety assessments for chief executives, directors, and key officers of insurance companies, requiring prior Commission approval for the appointment of chief executives and directors. The regulations disqualify individuals with criminal convictions for fraud or moral turpitude, those with loan defaults exceeding Rupees one million, or those with conflicts of interest such as holding directorships in competing insurers. Chief executives must hold a bachelor's degree with ten years of experience or specific professional qualifications, while directors require at least five years of senior management experience. Existing personnel must comply with these standards within one to five years depending on their role, and insurers must submit detailed personal and professional information via specified annexures to support appointment approvals.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Islamabad, 9th January, 2012
NOTIFICATION
S.R.O. (1) 2012.- In exercise of the powers conferred by clause (f) of sub-section (1) of section 7, section 12 and sub-section (3) of section 167 of the Insurance Ordinance, 2000 (XXXIX of 2000) read with section 40 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) and having been previously published in the newspapers of wider circulation as required by sub-section (2) of section 40 of said Act XLII of 1997, the Securities and Exchange Commission of Pakistan, with the approval of the Policy Board, hereby makes the following regulations, namely:
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Lineage: In force
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.