The Securities and Exchange Commission of Pakistan (SECP) has taken action against 14 proscribed persons in the corporate sector and 47 high-risk non-profit organisations (NPOs) under the anti-money laundering laws.
According to the SECP Annual Report (2019) issued here on Friday, using the National Counter-Terrorism Authority (NACTA)'s online database of fourth schedule that lists persons proscribed under the Anti-Terrorism Act, 1997, the commission identified 14 such persons appearing in 13 companies in various capacities, and initiated penal action against such persons.
Another person was identified as appearing on the United Nations Security Council (UNSC)'s list of designated persons under Resolution 1267, as the chief executive of a company, and disqualification order under Section 172(1)(o) of the Act has been issued.
Based on the risk profiling criteria provided in the AML/CFT Guidelines for NPOs, a total of 47 high-risk Section 42 companies were identified, and onsite inspections were carried out under Section 221 of the Companies Act.
Licenses of 10 such companies have been revoked and revocation proceedings are underway in respect of 15 companies.
Further, penalties have been imposed and/or warnings issued in 12 cases, and adjudication is in progress in remaining cases.
The second batch of nine high-risk Section 42 companies has been identified for similar action, and inspection orders have been issued.
Onsite inspections have been completed in respect of seven companies.
The timely intervention of the SECP has resulted in payment of Rs94.883 million to policyholders in 555 complaints filed against the insurance companies during 2018-2019.
The SECP's data released here on Friday revealed that the SECP disposed of 555 complaints of aggrieved policyholders against the insurers, whereby the insurers paid an aggregate compensation of Rs94.883 million to the policyholders on account of settlement of their grievances.
During the year under review, the SECP forwarded 169 complaints of policyholders to the Small Disputes Resolution Committees (SDRCs) for provision of speedy and inexpensive relief through amicable resolution. Further, in 277 cases of policyholders' complaints where amount in dispute exceeded the pecuniary limits of SDRCs, the cases were referred to the Federal Insurance Ombudsman for redressal of grievances.
During the calendar year 2018, the industry has recorded a growth of around six percent in terms of Gross Written Premium, when compared to last year.
As of December 31, 2018, the total assets of the insurance industry were Rs1.509 trillion, and the industry had underwritten total gross written premium revenue for CY 2018 amounting to Rs326 billion.
This is in comparison to total assets amounting to Rs1.298 trillion as of December 31, 2017, while the gross written premium collected during the year 2017 was Rs308 billion.
For the year 2018, the life insurance sector has underwritten premium of Rs225.7 billion and non-life insurance sector has recorded premium amounting to Rs100.4 billion.
Out of total assets of the insurance industry, life insurance sector owns assets amounting to Rs1,267 billion, while the non-life insurance sector owns assets amounting to Rs241.7 billion.
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