As part of its enforcement and regulatory function, the Insurance Division of the Securities and Exchange Commission of Pakistan (SECP) passed 3 orders, fining defaulting insurance companies in December, mainly on the grounds of non-compliance with the statutory deposit requirements. The department also recovered the penalty amounted to Rs 421,000.
It may be added here that to ensure market surveillance, the Insurance Division is in the process of formulating regulations on micro-insurance and developing its legal framework for specialised micro-insurance companies. In this regard a taskforce has been constituted comprising representatives from the SECP, SBP, IAP, PMN, NRSP, PMN, NGOs, micro-finance banks and insurance companies.-PR