Amendments in Insurance Rules 2002: LCCI takes strong exception to SECP decision

The Lahore Chamber of Commerce and Industry on Friday took a strong exception to the Securities Exchange Commission of Pakistan (SECP) for notifying amendments in insurance surveying rules of Insurance Rules 2002 without consultation of the stakeholders including the Chambers of Commerce and Industry and other trade bodies.
The LCCI President Mian Muzaffar Ali and the Convener LCCI Standing Committee on Finance and Taxation Shahzad Azam Khan in a joint statement here on Friday said the SECP is being run in an autocratic way thus creating multiple problems for the business community.
The recent notification of amendments in Insurance Rules 2002 would have a direct bearing on the business doing people therefore it would be wiser on the part of the SECP to withdraw the notification immediately for the sake of proper consultation with the stakeholders, they said.
Unlike other countries, almost all the business-related policies in Pakistan are formulated without consulting businessmen resultantly the same fail to achieve desired results. They said that it was surprising that the SECP is for the corporate sector but it had always been reluctant to take businessmen on board when it comes to formulation and implementation of certain rules and regulations.
It seems that the SECP has become incorrigible as it has now started taking things for granted instead of seeking the opinion of those who have a direct relation with it. They said that a number of Associations and Trade Bodies had contacted the Lahore Chamber of Commerce and Industry that they were not given due consideration by the SECP. Under these circumstances, how a corporate body could run its affairs with peace of mind, they questioned.
The LCCI Office-bearers said that only a few days back, the SECP suddenly announced a sharp increase in it fee structure aimed at discouraging the corporate sector which has already been facing tremendous internal and external pressures.