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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) will not appoint chief executive or principal officers or directors of the insurance companies where an investigation is initiated by any law enforcement agency against them.

According to the revised Insurance Companies (Sound and Prudent Management) Regulations, 2012 issued by the SECP, the applicant for the position of chief executive or principal officers or directors of the insurance companies would submit an affidavit: “That I undertake that no investigation is initiated by any Law Enforcement Agency against me. (In case any investigation has been initiated, the fact must be disclosed)”.

The SECP amended regulations said that the individuals subject to the fit and proper criteria shall submit, as per Annexure – B, affidavit stating that no investigation is initiated by any law enforcement agency (LEA) against such person and in case any investigation has been initiated, the fact must be disclosed.

Provided further that in case of any investigation initiated by LEAs against the chief executive or principal officer or any director of the insurer, the board of directors of the insurer shall decide whether to retain such chief executive or director and record reasons in writing for the same.

Insurance companies: SECP decides to impose new conditions

Where the Commission is not satisfied with regard to the sufficiency of the suitability criteria, it may conduct an interview of the proposed chief executive officer or principal officer to assess his suitability for the position.

In case of a fresh applicant as an insurer, at least two directors of such applicant, excluding the chief executive officer, shall have at least 5 years experience as a key officer or director of the chief executive officer in the insurance industry, the SECP added.

The insurance companies shall monitor whether any change in the status of its chief executive, directors, and key executives is contrary to the requirements of these Regulations. In case of any change in status results in non-compliance with the fit and proper criteria, the insurer shall immediately stop the person from performing his assigned function(s), inform the Commission and initiate the process for replacement of the individual with a fit and proper individual, the SECP stated.

Copyright Business Recorder, 2022

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