Karachi, December 15, 2015 (PPI-OT): The Chairman, Securities and Exchange Commission of Pakistan (SECP), Zafar Hijazi, has solicited a comprehensive road map for development of a financially sound and a robust insurance industry to play its legitimate role in the economic uplift of the country. SECP was ready to offer its whole- hearted support for this purpose, he added.
He was addressing the First Meeting of the Consultative Group on Insurance (CGI) at SECP regional office Karachi. “I have so far been largely concentrating my efforts on the development of the Capital Market of Pakistan but shall hence forth focus my attention on the development of Insurance Sector” he remarked.
Zafar Hijazi said that SECP had developed a way forward for the development of MICRO-INSURANCE in Pakistan which included prescribing a lower level of capital for dedicated micro insurance companies, requiring minimum quota for micro insurance business applicable to all insures and allowing a tie-up between life and non-life insurers to offer comprehensive micro insurance product.
He also emphasized upon the need for maximum local retention of premium in facultative business so as to discourage out flow of valuable foreign exchange. For the same purpose, the reinsurance brokers required to be registered in Pakistan, he added.
All the members of the CGI dilated upon the issues and came up with their personal views. Addressing the meeting, Mr. Moin Fudda, however said that CGI should think from national macro level policy perspective for having a robust insurance industry in Pakistan.
SECP has notified establishment of an 8-member CGI to work as a think tank for providing an independent and concrete recommendations for structural reforms in the insurance sector. The members of CGI include Mr. Moin M. Fudda, Mr. Tahir Ahmad, Mr. Fredric de Beer, Mr. Itrat H. Rizvi, Mr. M. Jamaluddin, Ms Nargis Ghaloo, Mr. Ameen Bandukda and Dr. Jawed Hassan.
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)