ISLAMABAD: With an aim to promote ‘ease of doing business’ in the country, the Securities and Exchange Commission of Pakistan (SECP) on Tuesday simplified the submission requirements for registration of a new life insurance product or registering any amendments in an existing one.
According to an SECP statement, most of the products submitted to the SECP by life insurance companies and family takaful operators had standardized features, terms and conditions, which were similar to their existing products.
“Therefore, with an aim to facilitate the insurance sector, the SECP issued S.R.O. 234(I)/2020 to simplify the submission requirements for standardized products,” the statement added.
As per new circular, a life insurance company that intends to issue a new product, which is likely to be a standard product, would require submitting very brief information.
The SECP also reduced the turnaround time for registration of insurance products from 30 days to seven days. The relaxations were in line with the SECP’s reforms to provide ease of doing business and facilitate the development of life insurance sector in Pakistan.