ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore possibilities and a mechanism for effective implementation of motor third party liability (MTPL) insurance in the country, a statement said on Tuesday.
The group, comprised industry experts, representatives of Insurance Association of Pakistan (IAP), and SECP officials, would formulate a detailed proposal for effective implementation of MTPL insurance, including a mechanism for coordination with relevant authorities, SECP said.
The group held its first meeting on Tuesday at SECP head office, where implementation of MTPL insurance under existing laws was discussed. During the meeting, the group members agreed that recommendations to include schedule for engagement with other relevant bodies, public awareness, availability of affordable products, and central database of motor insurance policies.
MTPL insurance offers insurance protection against death, bodily injury, and property damage to the victims of road traffic accidents or their legal heirs.