Karachi: In accordance with Clause (xxiii) of the Listing Regulation No. 25 under Code of Corporate Governance, we are pleased to convey the following material information:
With reference to our previous letter dated January 27, 2011 conveying material information relating to discontinuation of insurance business by Central Insurance Company Limited (CICL) (“the Company”), change of name of the Company and alteration of the Company’s Memorandum and Articles of Association, the Securities and Exchange Commission of Pakistan (“the Commission”) has been pleased to de-register the Company as an insurer and has revoked the Company’s License to carry on insurance business from today pursuant to its powers conferred under Section 9(2) of the Insurance Ordinance, 2000. The Commission’s (Insurance Division) Certificate of Revocation of Registration dated November 30, 2011 is enclosed.
Due to its de-registration as an insurer, the Company has ceased to be an Insurance Company with effect from today and henceforth the Company’s insurance business stands discontinued in entirety. However the company shall continue to exist and operate as a listed company with the purpose of undertaking investments in securities and financial instruments of all kinds.
The Company is also expected to receive formal confirmation by the Commission in respect of the alteration of the Company’s Memorandum of Association under Section 21 of the Companies Ordinance, 1984, for which an Application has already been made by the Company.
The Registrar of Companies is also expected to approve the change of name of the Company from “Central Insurance Company Limited” to “Cyan Limited”, for which an Application has already been made under Section 39 of the Companies Ordinance, 1984.
Securities and Exchange Commission of Pakistan Insurance Division
Certificate of Revocation of Registration under Section 9 (2) of the Insurance Ordinance, 2000
The Securities and Exchange Commission of Pakistan having consolidated the application for revocation of registration to carry on insurance business by Central Insurance Company Limited (the Company) bearing registration certificate number 114 dated January 01, 2001 and being satisfied with the said application. Hereby de-register the Company as an insurer and revoked its license to carry on insurance business with effect from to –date in exercise of its powers conferred under section 9 (2) of the Insurance Ordinance, 2000 subject to the following condition imposed thereon that:
(i) The Company shall pay / settle all outstanding claim and future claim under the insurance policies issued by it.
(ii) The Company shall pay / settle all premium / claims / commission under the re-insurance and co-insurance arrangements made by the Company with them.
(iii) The Company shall satisfy and honor all decrees and order of the competent court in respect of cases pending against the Company.
(iv) The Company shall not enter into any new contract of insurance from the date of revocation of the registration.
(v) The Company shall remove the word “Insurance” from its name.
(vi) The memorandum of articles and association shall be suitable changed amending the object clauses.
For more information, contact:
Central Insurance Company Limited
Dawood Centre, MT. Khan Road,
Tel: (92-21) 35686001-16
Fax: (92-21) 356860218