Probe into insurer's affairs: commissioner (Insurance Division) empowered to issue suo motu order

The Securities and Exchange Commission of Pakistan (SECP) has empowered Commissioner (Insurance Division) to issue suo motu order to conduct investigations into the affairs of an insurer and exercise powers to the extent of insurance companies and insurance brokers. Sources told Business Recorder here on Wednesday that the SECP has issued SRO 750(I)/2017 to delegate the powers and functions of the commission to its commissioner and officers.
The powers and functions of the commission under the Companies Act, 2017 delegated hereby shall be exercised by the commissioner and officers of the commission to the extent of insurance companies and insurance brokers only, whether listed or not.
Commissioner (Insurance Division) has been empowered to issue suo motu order to conduct investigations into the affairs of an insurer, issue such directives to give effect to the commissioner's orders or to prevent abuse of its process, including but not limited to, seeking the assistance of the local administration or police and power to issue directives, circulars and guidelines.
Nature of power/ function of Commissioner (Insurance Division) also included to grant relief from the consequences of default in complying with conditions constituting as a private company, to take cognizance or contravention of relevant provisions, or making an incorrect statement, declaration or verification in the application of allotment of shares, to take cognizance on default in repayment of money for shares not allotted and to take cognizance on contravention of relevant subsections.
In addition to the said powers, the SECP said that the powers of the Commission as per rules prescribed or regulations made or notifications issued under a particular section of the Securities and Exchange Commission of Pakistan Act, 1997, Companies Act 2017 and Insurance Ordinance, 2000 are also delegated to the commissioner or the officer concerned, if powers and functions or the Commission provided in the section of the Acts and Ordinance relevant to the said rules or regulations or notifications have been delegated to him.
In case of vacancy or unavailability of Director (Insurance) the powers and functions delegated to him/her through this notification shall, as far as may be possible be exercised by Executive Director (Insurance). In case of vacancy or unavailability of Executive Director (Insurance) the powers and functions delegated to him/ her through this notification shall, as far as may be possible be exercised by Commissioner (Insurance).
The Commission shall have the authority to exercise all powers delegated above to the Commissioner and officers, concurrently under sub-section (2) of section 10 of the Securities and Exchange Commission of Pakistan Act 1997.
This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of the above referred notifications., superseded by this notification, shall be valid and under lawful authority. Any pending proceeding under the superseded notifications shall stand transferred to the delegated authority, as provided in this notification forthwith, who shall proceed with the matter as it stands prior to coming into effect of this notification.