The Securities and Exchange Commission of Pakistan (SECP) has revoked the registration of "Capital Insurance Company Limited" (company) as a non-life insurer with effect from May 17, 2018. According to a notification SRO 619(I)/2018 issued by the SECP here on Friday, pursuant to sub-section (1) of Section 10 of the Insurance Ordinance, 2000 (Ordinance), notice is hereby given that the SECP, in exercise of the powers conferred by sub-section (2) of Section 9 of the Ordinance, has revoked the registration of the said company. The registration of the company has been revoked, as a non-life insurer, with effect from the date of publication of this notice, upon being satisfied with respect to the application for revocation of the registration of the company after fulfillment of the requirements of the Ordinance in this behalf.
Now therefore, the company shall not be authorized to carry on business of insurance in Pakistan and if the Company indulges in said business it will be illegal. All the directors and chief executive of the company have undertaken that they would be liable for making payment of any liability in respect of insurance business, which may arise in future and the company would be wound up in accordance with the applicable provisions of the Ordinance and the Companies Act, 2017, the SECP added.
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