The Insurance Association of Pakistan (IAP) categorically denies giving any official statement or press release to the media regarding "Fit and Proper" criteria for management of Insurance Companies. It is further stated that news items published by certain newspapers in this regard were misleading, not factual, and were not authorised by the IAP, its Executive Committee or any office bearer or member thereof.
The IAP confirms that the "Fit and Proper" criteria is under discussion between the IAP and the SECP, as stated by the SECP in its Press Release of February1. The criteria is to be developed and finalised with consensus between the insurance industry and its Regulator. The ED Insurance, SECP also endorsed that discussions were in progress with the IAP in a congenial working environment and the "Fit and Proper" criteria will be devised in consensus with the stakeholders.-PR