SECP cancels insurer’s registration

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) said on Friday it had revoked the registration of M/s New Hampshire Insurance Company as an insurer in Pakistan, following a court-approved transfer of its business to TPL Insurance Limited.

The SECP said in a statement that it had issued a notification in accordance with the Insurance Ordinance 2000, after the High Court of Sindh approved a scheme of arrangement on Sept. 13, in which the entire undertaking of M/s New Hampshire Insurance Company in Pakistan was transferred to TPL Insurance Limited.

“M/s New Hampshire Insurance Company, Pakistan Branch, is no longer authorized to carry on insurance business in Pakistan, and any business activity carried out by it or any liability incurred by it shall be payable by TPL Insurance Limited,” the SECP said. The SECP advised policyholders to contact TPL Insurance Limited for any claims or liabilities related to their insurance policies with M/s New Hampshire Insurance Company – Pakistan Branch.