SECP holds roundtable on insurance proposals

ISLAMABAD: After conducting the first roundtable in Karachi, the Securities and Exchange Commission of Pakistan (SECP) held the second and third session in Islamabad and Lahore, respectively for deliberations to strengthen the proposed insurance regulatory framework.

A statement issued Tuesday said the roundtable in Islamabad was held at the SECP head office, whereas the other venue was the Lahore Chamber of Commerce and Industry. At the roundtables, the Securities and Exchange Commission of Pakistan Insurance Commissioner welcomed the participants and discussed the need for revamping the primary insurance law.

The insurance executive director briefed on the proposed amendments in the insurance regulatory legal framework. The proposed amendments have been designed to improve the financial soundness of insurance companies and to help develop a financially stable insurance sector.

The amendments aim to provide a favourable regulatory environment to encourage market development, which also ensures alignment with the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS).

In line with the vision of developing a financially stable insurance sector, and to protect the interests of policyholders, detailed deliberations were carried out in respect of the new concepts and or amendments.The amendments might be proposed in various areas, including the introduction of dedicated micro-insurers, provisions for regulation of takaful and retakaful, and regulation of local and foreign reinsurance businesses.

The participants of both the roundtables were asked to submit their written comments in respect of the proposals for consideration of the Securities and Exchange Commission of Pakistan within 15 days so that the project can be carried forward in a timely manner.