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PR No. 10 FINANCE MINISTER BRIEFED BY THE CHAIRMAN SECP ABOUT AMENDMENTS REQUIRED IN THE INSURANCE REGULATORY FRAMEWORK Islamabad

The Chairman SECP, in a meeting with Finance Minister, gave him an overview of the insurance industry in Pakistan and briefed about the amendments required in the insurance regulatory legal framework. The amendments are expected to improve the financial soundness of the insurance companies and help develop robust and financially stable insurance sector where interest of policyholders are better protected. The proposed framework aims to provide the conducive regulatory environment to encourage market development, strengthen the regulatory framework to ensure alignment with the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS).

Considering the magnitude of and importance of the proposed improvements in the insurance regulatory framework, Finance Minister advised that the Insurance Ordinance, 2000 be replaced with the new Insurance Ordinance. It will improve image of the insurance industry of Pakistan internationally. The Finance Minister further advised SECP to start nation-wide stakeholders consultation in this regards. The Chairman SECP informed that SECP intends to hold stakeholders consultation in October 2016.

The meeting was informed that the Updated version of Draft Companies Bill 2016 had been submitted to Ministry of Finance after extensive consultation. Finance Minister directed that the proposed law may be processed as per the described procedure.

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