SRO 277 (I)/2020 – Amendments in the Code of Corporate Governance for Insurers

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 1 st April 2020 NOTIFICATION S.R.O. 277 (I)/2020.- In exercise of the powers conferred under section 40B read with clause (u) of subsection (4) and clauses (fa), (fb), (fc) & (g) of sub-section (6) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997), and clause (f) of sub-section (1) of section 11 and section 12 of the Insurance Ordinance, 2000 (Ordinance No. XXXIX of 2000), the Securities and Exchange Commission of Pakistan, in partial modification of S.R.O 1045(I)/2016 dated 9 th November 2016, is pleased to make the following amendments in the Code of Corporate Governance for Insurers, 2016, namely:- AMENDMENTS In the aforesaid Code,- (1) before clause (lxxviii), the heading “Annual Statement of Compliance with section 11 and section 12 of the Insurance Ordinance, 2000 (Ordinance No. XXXIX of 2000)”,shall be omitted; (2) clause (lxxviii),shall be omitted; (3) clauses(lxxix) and (lxxx),shall be omitted; (4) Annexure II,shall be omitted; and (5) in Annexure III, clauses (lxviii), (lxxix) & (lxxx), appearing at the end of the table shall be omitted. [File No. ID/MDPR/COCG/2020]