The Securities and Exchange Commission of Pakistan (SECP) has withdrawn its direction to the insurance companies and Takaful operators to submit a statement of branch network along with the statutory returns filed under Insurance Ordinance, 2000.
The SECP has issued Circular 18 of 2020 here on Wednesday to withdraw Circular Number 18 of 2016.
The SECP has withdrawn the Circular Number 18 of 2016 to promote ease of doing business and reduce the cost of doing business for insurance sector.
According to the abolished Circular 8 of 2016, the SECP had specified regulatory requirement for disclosure of branch information by insurance companies/Takaful operators.
Now the SECP has withdrawn the regulatory requirement for disclosure of branch information by insurance companies/Takaful operators.