ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has introduced a registration regime for digital-only insurers and dedicated microinsurers to promote digitalisation and improve customer convenience through instant provision of services, it said on Thursday.
According to the SECP, the new framework is aimed at encouraging innovation, expanding product range, and promoting financial inclusion. The registration requirements were designed to reduce barriers to entry, in terms of minimum paid up capital and solvency requirements, it added.
The regulator has set minimum capital requirements at Rs100 million for non-life digital-only business and Rs250 million for life digital-only business, whereas for non-life and life microinsurers, the capital requirements have been set at Rs80 million and Rs150 million, respectively.
The framework requires a digital-only insurer to develop digital claim lodgment and payment process since inception of operations, whilst demonstrating through implementation plan towards complete transition to digitalised claims processing comprising of claim intimation, claims assessment and payment, SECP said.
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