AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.72 Increased By ▲ 0.68 (0.54%)
BOP 6.59 Decreased By ▼ -0.08 (-1.2%)
CNERGY 4.46 Decreased By ▼ -0.05 (-1.11%)
DCL 8.45 Decreased By ▼ -0.10 (-1.17%)
DFML 41.90 Increased By ▲ 0.46 (1.11%)
DGKC 87.00 Increased By ▲ 0.15 (0.17%)
FCCL 31.91 Decreased By ▼ -0.37 (-1.15%)
FFBL 64.88 Increased By ▲ 0.08 (0.12%)
FFL 10.15 Decreased By ▼ -0.10 (-0.98%)
HUBC 109.30 Decreased By ▼ -0.27 (-0.25%)
HUMNL 14.66 Decreased By ▼ -0.02 (-0.14%)
KEL 5.10 Increased By ▲ 0.05 (0.99%)
KOSM 7.20 Decreased By ▼ -0.26 (-3.49%)
MLCF 41.41 Increased By ▲ 0.03 (0.07%)
NBP 59.75 Decreased By ▼ -0.66 (-1.09%)
OGDC 194.75 Increased By ▲ 4.65 (2.45%)
PAEL 28.20 Increased By ▲ 0.37 (1.33%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 151.19 Increased By ▲ 1.13 (0.75%)
PRL 26.59 Decreased By ▼ -0.29 (-1.08%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 78.50 Decreased By ▼ -7.50 (-8.72%)
TELE 7.44 Decreased By ▼ -0.27 (-3.5%)
TOMCL 35.42 Increased By ▲ 0.01 (0.03%)
TPLP 8.16 Increased By ▲ 0.04 (0.49%)
TREET 16.07 Decreased By ▼ -0.34 (-2.07%)
TRG 52.70 Decreased By ▼ -0.59 (-1.11%)
UNITY 26.61 Increased By ▲ 0.45 (1.72%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,934 Increased By 50.6 (0.51%)
BR30 30,915 Increased By 315.4 (1.03%)
KSE100 93,828 Increased By 473 (0.51%)
KSE30 29,063 Increased By 131.7 (0.46%)

The Securities and Exchange Commission of Pakistan (SECP), while ensuring compliance with insurance and allied laws, initiated 29 show-cause proceedings for non-compliances with the Insurance Ordinance 2000. The violations include failing to meet the fit and proper criteria, non-filing of returns, annual audited financial statements, failure to meet the minimum solvency requirements, failure to maintain proper books and records and late payments of claims.
The SECP's Insurance Division also concluded 17 proceedings against the companies, chief executives and directors of the insurance companies for these violations. Moreover, invoking Section 65 of the ordinance, the Commission passed an order making the Board of Directors of an insurance company cease to hold office for three years for material violations and deceptive practices.-PR

Copyright Business Recorder, 2016

Comments

Comments are closed.