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Securities and Exchange Commission of Pakistan issues 29 show-cause notices and 17 orders against insurance companies

Islamabad, June 08, 2016 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP), while ensuring compliance with insurance and allied laws, initiated 29 show-cause proceedings for non-compliances with the Insurance Ordinance, 2000.The violations include failing to meet the fit and proper criteria, non-filing of returns, annual audited financial statements, failure to meet the minimum solvency requirements, failure to maintain proper books and records and late payments of claims. The SECP’s Insurance Division also concluded 17 proceedings against the companies, chief executives and directors of the insurance companies for these violations.

Moreover, invoking Section 65 of the ordinance, the Commission passed an order making the
Board of Directors of an insurance company cease to hold office for three years for material violations and deceptive practices.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

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