Branch network SECP asks insurance companies, Takaful operators to submit statement

The Securities and Exchange Commission of Pakistan (SECP) has directed all insurance companies and Takaful operators to submit a statement of branch network along with the statutory returns filed under Insurance Ordinance, 2000. In this regard, the SECP has issued circular 8 of 2016 here on Thursday. According to the circular, the SECP has specified regulatory requirement for disclosure of branch information by insurance companies/ Takaful operators.
In exercise of powers conferred by section 40 B of the Securities and Exchange Commission of Pakistan Act, read with sub-section (i) of section 61 of Insurance Ordinance, 2000 (Ordinance), the Commission hereby directs all insurance companies and Takaful operators to submit a statement of its branch network along with the statutory returns filed under sub-section (1) of section 46 of the Ordinance. For the purposes of the said disclosure requirement, the term branch means any permanent point of sale from where the agent including corporate insurance agent and/or employee of an insurer sell insurance/Takaful policies which includes bank branches engaged in Bancassurance business or offices of other corporate insurance agents, SECP added.