Regulatory Alerts2026-06-03
Added · Updated
Withdrawal of Circular No. 14 of 2023 on Licensing Applications with Foreign Sponsors or Directors
The Securities and Exchange Commission of Pakistan withdraws Circular No. 14 of 2023 dated September 05, 2023, with immediate effect. This action removes the previous regulatory framework governing licensing and allied applications involving sponsors or directors who are foreign individuals or entities. The withdrawal applies to all insurance companies, Takaful operators, insurance intermediaries, and relevant professional associations listed in the distribution.
Securities and Exchange Commission of Pakistan
Licensing & Registration Division
Licensing Department
No. LRD/LD/Circular/ /2026
Circular No. 11 of 2026
Islamabad, June 07, 2026
SUBJECT: WITHDRAWAL OF CIRCULAR NO. 14 OF 2023 DATED SEPTEMBER 05, 2023 - LICENSING AND ALLIED APPLICATIONS WITH SPONSORS / DIRECTORS AS FOREIGN INDIVIDUALS/ENTITIES
In exercise of powers conferred by Section 40B, read with clause (s) and (u) of sub-section (4) of Section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan hereby withdraws Circular No. 14 of 2023 dated September 05, 2023 titled “LICENSING AND ALLIED APPLICATIONS WITH SPONSORS/ DIRECTORS AS FOREIGN INDIVIDUALS/ ENTITIES” with immediate effect.
Muzzafar Ahmed Mirza
Commissioner
(Licensing & Registration Division)
Distribution to:
(i) Chief Executive Officers (CEO), of all Insurance companies/ Takaful Operators;
(ii) CEO of all insurance intermediaries i.e. (Re)insurance Brokers, Insurance Surveyors, Third Party Administrators for Health Insurance;
(iii) Chairman Insurance Association of Pakistan;
(iv) President (Institute of Chartered Accountants of Pakistan);
(v) President (Institute of Cost and Management Accountants of Pakistan);
(vi) President (Pakistan Society of Actuaries)
NIC Building, 63-Jinnah Avenue, Islamabad
Website: www.secp.gov.pk