SECP relaxes renewal requirement

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has relaxed the license renewal requirements for insurance brokers, insurance surveyors, and authorised surveying officers (ASOs) amid the COVID-19 outbreak.

The SECP took the decision as it realised the difficulties faced by those associated with the insurance industry, a circular said on Monday.

To facilitate the insurance industry during the ongoing pandemic, the SECP has introduced a relaxation period of two months starting from March 15, 2020 to May 15, 2020. Insurance brokers/insurance surveyors/ ASOs whose license have expired or might expire during this period would continue to carry on their business without renewal.

However, the respective insurance companies would have to submit their license renewal applications prior to May 15, 2020. Upon receipt of the applications, licenses would be renewed effective from the date of expiry of the previous licenses.

Through the aforesaid circular, SECP has also given an option to insurance brokers to send their applications to the commission via email until the expiry of the lockdown.

All insurance companies/ general takaful operators should continue to do business with insurance brokers/insurance surveyors/ASOs considering the grace period of two (2) months for any license expired after March 15, 2020. “The relaxation is to facilitate insurance industry in ensuring compliance with regulatory requirements related to renewal of license under the Insurance Ordinance, 2000,” it said.