ISLAMABAD: The Securities and Exchange Commission of Pakistan Monday organized a roundtable on proposed reforms in the insurance regulatory framework.
The representatives of insurance companies, insurance brokers, associations of insurance surveyors, Pakistan Societies of Actuaries and the Institute of Chartered Accountants of Pakistan attended the roundtable, said a statement here.
Chairman of the sub-committee on insurance, Farrukh Rehmanand an ICAP Council Member, emphasized the need for upgrading insurance law to bring it in line with the best international practices.
The executive director, Insurance Division SECP, gave an overview of the insurance industry in Pakistan and briefed audience on the proposed amendments.
He said the amendments were expected to improve the financial soundness of insurance companies and help develop a robust and financially stable insurance sector where policyholders’ interests are better protected. They will provide a conducive regulatory environment to encourage market development and ensure alignment with the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS).
Deliberations were carried out with the participants in respect of the new concepts an amendments which may be made to various areas included the introduction of dedicated microinsurers, provisions for regulation of takaful and retakaful, regulation of local and foreign reinsurance business for enhancement of local capacity.
