As part of its enforcement and regulatory function, the Insurance Division of the Securities and Exchange Commission of Pakistan (SECP) passed eight orders, imposing fine on defaulting insurance companies in the month of November, mainly on the grounds of non-compliance with the statutory deposit requirements.
In addition, four show-cause notices were issued in November. Winding-up proceedings against one insurance company was also ordered. The Insurance Division also resolved eight complaints lodged by the policyholders during the month for non-payment of the insurance claims.-PR