ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has amended the qualification criterion needed for persons entering into agency contract with the insurer.
In the notification regarding the amendment in the Securities and Exchange Commission (Insurance) Rules 2002, the Commission suggested that from now onward, the minimum qualification for such persons shall be intermediate or higher secondary school certification, says a statement issued by the commission here today.
In case of body corporate or a partnership, each of its designated people engaged in the business of insurance sale shall have the said qualification and also shall be required to undergo a foundation course – based on a curriculum approved by the Commission. The agents or designated persons shall also be required to attend a refresher course after every two year from such institute, as specified by the Commission.
The agents or designated persons who are matriculate and have already completed a foundation course, in case of non-life insurance, from Pakistan Insurance Institute may be given exemption from such foundation course.
