ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all insurance companies to submit an annual statement on the insurance industry's financial performance.

The SECP has Circular No. 31 of 2021 Saturday on the statement of performance information on annual basis.

According to the SECP, currently insurance companies are submitting various regulatory return to the Commission regarding the financial performance of the insurance companies.

However, there is no mechanism for regular submission, consolidation and disclosure of insurance industry performance information.

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Thus, in order to evaluate the performance of insurance industry in a holistic manner, and also for industry image building, it is imperative to consolidate and present the industry performance information on a regular basis.

In this connection, the SECP in exercise of the powers conferred under section 408 of the Securities and Exchange Commission of Pakistan Act, 1997, hereby directs all life and non-life insurers to submit performance information as per standardized format enclosed herewith, on annual basis by April 30 every year. The information as per format given in Annexure - A, B & C is required to be submitted with the SECP, the SECP added.

Copyright Business Recorder, 2021