SECP simplifies registration of life insurance products

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.

Article continues after this advertisement

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.

- Advertisement -



Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

PIA gets Rs9.84bn to pay employees retiring under VSS scheme

ISLAMABAD: The federal government has released funds to the tune of Rs9.84 billion for payment of dues to those Pakistan International Airlines (PIA) employees who...