The Securities and Exchange Commission of Pakistan (SECP) has delegated its powers to the Commissioner (Insurance) and other officials of the Insurance Division to effectively monitor and regulate insurance companies and insurance brokers. According to SRO.122(I)/2016 issued here on Tuesday, the Commission, subject to such conditions and limitations as it may from time to time impose, hereby delegates the powers and functions of the Commission to its Commissioner and officer.
The powers and functions of the Commission under the Companies Ordinance, 1984 delegated hereby shall be exercised by the Commissioner and officers of the Commission to the extent of insurance companies and insurance brokers only, whether listed or not.
Commissioner (Insurance) would exercise powers of the relevant section of the SECP Act, 1997. He can also exercise powers under section 29 of the SECP Act, 1997 to issue suo motu order to conduct investigations into the affairs of an insurer. He would be empowered to issue such directions to give effect to the Commission's orders or to prevent abuse of its process, including but not limited to, seeking the assistance of the local administration or Police. He can issue directives, circulars and guidelines; relevant section of companies ordinance, 1984.
Commissioner (Insurance) can exercise powers under relevant section of the insurance ordinance, 2000; relevant rule of the securities and exchange commission (insurance) rules, 2002; relevant rule of the takaful rules, 2012; relevant regulation of the third party administrators for health insurance regulations, 2014; relevant section of the companies ordinance, 1984; relevant rule of the companies (issue of capital) rules, 1996; relevant section of the insurance ordinance, 2000 and Commissioner (Insurance) would exercise powers of the relevant section of the insurance ordinance, 2000.
Director (insurance) would exercise powers under the relevant section of companies ordinance, 1984; relevant section of the insurance 2000; relevant rule of the securities and exchange commission (insurance) rules, 2002; relevant rule of the takaful rules, 2012; relevant rule of the securities and exchange commission (micro-insurance) rule, 2014; relevant regulation of the third party administration for health insurance regulation, 2014 and relevant section of the insurance ordinance, 2000.
In addition to above, powers of the Commission as per rules prescribed or regulations made under a particular section of the Companies Ordinance, 1984 and Insurance Ordinance, 2000 are also delegated to the Commissioner or the officer concerned, if powers and functions of the Commission provided in the section of the Ordinance relevant to the said rules or regulations have been delegated to him.
In case of vacancy or unavailability of Director (Insurance) the powers and functions delegated to him/her through this notification shall, as far as may be possible, be exercised by Executive Director (Insurance). In case of vacancy or unavailability of Executive Director (Insurance) the powers and functions delegated to him/her through this notification shall, as far as may be possible, be exercised by Commissioner (Insurance).
The Commission shall have the authority to exercise all powers delegated above to the Commissioner and officers, concurrently under sub-section (2) of section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997). This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of the above referred notifications, superseded by this notification, shall be valid and under lawful authority.
Any pending proceeding under the superseded notifications shall stand transferred to the delegated authority, as provided in this notification forthwith, who shall proceed with the matter as it stands prior to coming into effect of this notification, it added.