Professional Association of Insurance Surveyors of Pakistan (PAIS) has opposed the proposed amendments in insurance rules 2002 and asked the Security and Exchange Commission of Pakistan (SECP) to withdraw the amendments.
Addressing the press conference here on Friday, PAIS Information Secretary Junaid Zaidi said the government should not allow the amendments proposed in SRO-224, issued by Securities Exchange Commission of Pakistan (SECP), as it would affect insurance industry of Pakistan and create unemployment.
Junaid Zaidi said the SECP has sought comments on the SRO (Substitute Regulatory Order) till April 4 and just 15 days were given for this purpose, as the SRO was made public on March 20 last. The SECP had not given proper time to the public for giving their feed back on the SRO, he added.
According to him, under the proposed amendments, the paid up capital and indemnity insurance would be increased from Rs 1 million to Rs 2 million, number of licenses revised from 4 to 16 while per license fee would be enhanced from Rs 2000 to Rs 10,000. Number of other amendments has also been suggested in the amendments, including getting fresh licenses every year on very difficult terms and conditions.
The PAIS office bearers also announced that if the SECP does not withdraw the amendments in the SRO then they would stage protest in Islamabad. The executive committee members of the PAIS were also present there and registered their protest against the proposed amendments in Insurance Rules 2002. They said if the proposed amendments implemented, it would render thousands of people jobless who are attached with the field of insurance surveyors.