Regulatory Alerts2022-01-12
Added · Updated
Master Circular for Insurance Sector – up to December 31, 2021
This compilation consolidates existing regulatory circulars and directives issued by the Securities and Exchange Commission of Pakistan (SECP) for the insurance sector, covering licensing, product approval, reinsurance, corporate governance, and financial reporting. It mandates that insurance surveyors and authorized surveying officers file applications for licenses and registrations via the eSlnsuranceSurveyors online system, with processing occurring twice annually in January and July. Insurers seeking authorization as Window Takaful Operators must transfer a minimum of Rs. 50 million to a separate bank account and submit detailed business plans and compliance documents. Additionally, all regulated entities and individuals must submit undertakings and affidavits confirming they have not been convicted of money laundering, fraud, or terrorism financing, with non-compliance subject to penalties of up to ten million rupees.