ISLAMABAD: Amid outbreak of COVID-19 in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) realising the difficulties faced by insurance brokers, insurance surveyors, and authorised surveying officers (ASOs) in renewal of their licenses, has relaxed the requirements in renewal of licenses.
A circular in this regard has been issued, said a press release here the other day. 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.
Insurance brokers, insurance surveyors and ASOs whose licence have expired or may expire during this period will continue to carry on their business without renewal of its current licence.
However, the respective insurance companies will have to submit their licence renewal applications prior to May 15, 2020. Upon receipt of the applications, licences will be renewed effective from the date of expiry of the previous licences. Through the aforesaid circular, the 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 and general takaful operators will continue to do business with insurance brokers, insurance surveyors and ASOs considering the grace period of two months for any licence expired after March 15, 2020.
The relaxation is to facilitate insurance industry in ensuring compliance with regulatory requirements related to renewal of licence under the Insurance Ordinance, 2000.