New guidelines for insurers proposed

ISLAMABAD: The Securities and Exchange Commission of Pakistan (ECP) on Wednesday proposed guidelines under which insurance sector would be required to include details of shareholding and ultimate beneficial owners in the information to be provided about sponsors, promoters, and major shareholding of insurers and insurance intermediaries.

The SECP in a statement said through SRO 1201(I)/2018, the commission had elicited public opinion on proposed direction to comply with additional fit and proper criteria in addition to the requirements, already notified either through rules, regulations or other legislative instrument.

The regulator said it had directed the insurers and insurance intermediaries to submit, at the time of their incorporation, undertaking duly signed by the sponsors, promoters and their ultimate beneficial owners that they have not been convicted in criminal breach of trust, fraud, offences of money laundering, including predicate offences as provided in the AML Act, 2010, or contravened any provision of SECP-AML/CFT Regulations, 2018, or any other AML/CFT requirements notified by the SECP.