Tuesday, 18 June 2013 17:56
Posted by Shoaib-ur-Rehman Siddiqui
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has increased the minimum premium limit for group life insurance required for the certification of appointed actuary of a life insurer. The limit has been increased from one million to two million rupees. In this regard, the SECP has issued circular No 11/2013 amending circular No.9/2005, which will take effect on July 1, 2013. Actuarial certification is required to ensure the soundness and workability of group life insurance premium rates and other terms and conditions.The decision to increase the minimum premium limit for group insurance was based on market survey of group life insurance market conducted by the SECP to assess effectiveness of the regulatory measures introduced in 2005.The survey showed that the number of group life policies with premium exceeding one million rupees had increased considerably causing practical difficulties for the life insurers and the appointed actuaries. The survey also ...
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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has increased the minimum premium limit for group life insurance required for the certification of appointed actuary of a life insurer. The limit has been increased from one million to two million rupees. In this regard, the SECP has issued circular No 11/2013 amending circular No.9/2005, which will take effect on July 1, 2013. Actuarial certification is required to ensure the soundness and workability of group life insurance premium rates and other terms and conditions.The decision to increase the minimum premium limit for group insurance was based on market survey of group life insurance market conducted by the SECP to assess effectiveness of the regulatory measures introduced in 2005.The survey showed that the number of group life policies with premium exceeding one million rupees had increased considerably causing practical difficulties for the life insurers and the appointed actuaries. The survey also ...
ISLAMABAD: Chairman Federal Broad of Revenue Ansar Javed Monday informed Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics, Planning and Development and Privatization that the FBR was collecting 70 percent from corporate sector.Chairperson Senator Naseer Jalil chaired the meeting of the committee in Parliament House. The agenda before the committee was to consider and finalize recommendations of the Finance Bill 2013-14 containing the annual Budget statement.FBR Chairman said they provided easy system to tax ...
ISLAMABAD: The business community have welcomed the government's decision to exempt the hybrid cars from taxes, saying it would lead to trim oil import bill besides promoting pollution-free environment in the country."Not only will the decision reduce Pakistan's oil import bill, but will also be a positive step towards improving the environment," remarked an senior official of the heading car manufacturing company while talking to APP here on Monday.He said that the import of hybrid ...
RECORDER REPORTKARACHI: Pakistan Flour Mills Association (PFMA) has urged government for a long-term wheat policy aimed to avoid shortage in the country.Addressing a press conference at Karachi Press Club on Saturday, chairman PFMA Syed Zahoor Ahmed Agha said that the food department was engaged in illegal activities for the last five years. Despite getting a price of high quality, the food department is supplying low quality wheat, he added.He urged the government to post honest ...
MUHAMMAD ALIKARACHI: National Telecommunication Corporation (NTC) has reportedly disconnected internet connection of Regional Tax Office (RTO) building over non-payment of Rs 1.952 million; it is learnt here on Saturday.A clear mismanagement showed in tax department during last month of the current fiscal year that might cost huge revenue loss to the national kitty, sources said.They said that internet connection of RTO building was activated by Pakistan Revenue Automation Limited (PRAL) in July 10, 2009 but ...
ISLAMABAD: The PML(N) government has taken several initiatives that would contribute to economic development of the country and enhance the overall growth.The Major focus of development work has been shifted to the development of water reservoirs, power sector capacity, road communication, education and health projects, as the previous government has miserably failed to make any positive changes in these sectors.The government is investing a hefty amount of Rs.59 billion for the water sector projects to ...
KARACHI: The Code of Corporate Governance is a must for the protection of minority shareholders, said Asif Arif, the SECP Commissioner. He was speaking to the awareness session held in collaboration with the ICAP and was attended by around 200 members of ICAP. While advocating the true implementation of new code he said “Governance standards are dynamic and changing with the development of constantly evolving corporate sector and financial markets. This calls for a constant ...
