SECP approves Jazz’s acquisition of controlling stake in TPL Insurance
- Partnership expected to increase insurance penetration, foreign investment
The Securities and Exchange Commission of Pakistan (SECP) approved on Wednesday the acquisition of a controlling stake in TPL Insurance Limited by Jazz International Holding Limited.
“This partnership between a digital insurer and a major digital operator is expected to increase insurance penetration and foreign investment,” the SECP said in a statement.
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The SECP’s facilitation of the deal aligns with the goals to foster “a transparent, efficient, and investor-friendly environment that encourages both domestic and will bring foreign investment”.
The SECP said it was actively implementing structural reforms, including the recently introduced regulatory framework for digital-only insurers and microinsurers.
“By vetting this acquisition for adherence to sound corporate governance and prudent management standards, the commission is paving the way for further innovation in financial services and products,” it said.
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