Crescent Star Insurance Limited (CSIL) announced on Thursday that it had resumed its guarantee business.
This was shared by the company in a notice to the Pakistan Stock Exchange today.
The CSIL said that the Islamabad High Court had set aside and declared void the directions issued to the company by SECP to stop/cease guarantee business.
Last year, the Securities and Exchange Commission of Pakistan (SECP) ceased the guarantee business through a direction, under Section 60 of the Insurance Ordinance, 2000 (Ordinance).
Crescent Star had issued guarantees amounting to Rs 229 billion without obtaining requisite collateral and any valid reinsurance arrangements.
The CSIL was incorporated in Pakistan as a Public Limited Company in the year 1957, under the Companies Act, 1913, now the Companies Act, 2017.
The company is engaged in providing non-life general insurance services.
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