Insurance cos: SD officers empowered to sanction initiation of proceedings

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has empowered its officers of the Supervision Division (SD) to sanction approval for starting proceedings against the insurance companies.

The SECP has issued an SRO 506 (I)/2021, here on Monday.

According to the SECP, the Commission hereby delegates the following powers and functions of the Commission under the administered legislation to the officers of the SD: To give directions to the insurer; modify or cancel any direction to the insurance companies and sanction the initiation of proceedings.

In case, the post of Head of Department (HoD) Offsite Department, SD is vacant, or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through this notification shall stand delegated to the Head of wing, Supervision Division (SD).

This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of the above referred superseded notifications, shall be valid and under lawful authority.

Any pending proceeding under the superseded notifications shall stand transferred to the delegated authority, as provided in this notification forthwith, who shall proceed with the matter as it stands prior to coming into effect of this notification, the SECP added.

Copyright Business Recorder, 2021