The two-day Saarc insurance regulators conference organised by the Insurance Development and Regulatory Authority (IDRA), Bangladesh, on April 6-7, 2013, at the Bangabandhu International Conference Centre, Dhaka, on the theme "The Way Forward in the Wake of Global Reality" concluded by adopting the Dhaka Declaration. It was formally announced that Pakistan would host the next insurance regulators' conference in 2014.
Muhammad Kashif Siddiqee, Joint Director, SECP, while delivering a presentation on the overall insurance sector in Pakistan also highlighted statistics on the performance of the sector during the last few years which by and large portrayed attractive bottom lines. This suggests that the Pakistan insurance industry is poised for a significant growth in the years ahead.
The Dhaka Declaration, inter alia, includes recommendations for capacity building, developing a robust legal framework, setting up of a resource pool for reinsurance purposes and devising market conduct for plugging unethical practices like undercutting prices, efficient claims management system etc. The conference also recommended the establishment of a committee for Saarc insurance regulators.-PR
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