ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday, issued a master circular, for compilation/collection of the existing/applicable circulars and directives, to improve compliance by the insurance companies.

The SECP issued a master circular for regulation of insurance sector. The SECP stated that in order to facilitate insurance sector to ensure compliance with the regulatory requirements, the SECP has issued the master circular.

According to the SECP, the master circular is only a compilation/collection of the existing/applicable circulars and directives issued by the commission, in relation to the Insurance Division of the SECP from time to time for regulation of the insurance sector, and is not a new regulatory instruction.

This document is a compilation of circulars/ directives issued since 2005 to end of 2021.

In case of any inconsistency between the master circular and the applicable circular, the contents of the relevant circular shall prevail.

It is the responsibility of the regulated person to ensure full compliance of all the applicable regulatory requirements irrespective of whether such requirement is consolidated in this document or not, the SECP added.

Copyright Business Recorder, 2022