ISLAMABAD: In bid to ensure compliance with insurance and allied laws, the Securities and Exchange Commission of Pakistan (SECP) has initiated proceedings on 29 show-cause notices for non-compliance with the Insurance Ordinance, 2000.
The violations include failing to meet the fit and proper criteria, non-filing of returns, annual audited financial statements, failure to meet the minimum solvency requirements, failure to maintain proper books and records and late payments of claims, said an SECP statement issued here on Wednesday.
The SECP’s Insurance Division also concluded 17 proceedings against the companies, chief executives and directors of the insurance companies for these violations. Moreover, invoking Section 65 of the ordinance, the Commission passed an order making the Board of Directors of an insurance company cease to hold office for three years for material violations and deceptive practices.
