The applicant seeking new license for any main class of insurance surveyors shall pay a fee of Rs 7,500 while fee for renewal of a surveyor license for any main class of insurance surveyors will be Rs 5,000 that will be paid to the Securities and Exchange Commission of Pakistan (SECP).
Securities and Exchange Commission of Pakistan (SECP) has revised procedure for existing licencees working as insurance surveyors having license for the miscellaneous class. The SECP has issued SRO 658 (I)/2018 here on Wednesday to amend Insurance Rules, 2017.
With effect from January 1, 2019, the directors and chief executive officer of all fresh applicants for miscellaneous business of survey will submit continuous professional development certificate as evidence of completion of four days training undertaken during the immediate preceding three years' from an insurance institute(s), approved by the Commission, in the relevant subclasses, the SECP said.
Under the revised rules, an application for grant of a new license for any main class of insurance surveyors shall be accompanied by a fee of Rs 7,500 per main class, which shall be refunded if the application is not granted. An application for renewal of a surveyor license for any main class of insurance surveyors shall be accompanied by a fee of Rs 5,000 per main class, which shall be refunded if the application is not granted.
Provided that on the commencement date, the provision of sub-rule (6) shall lapse, and where an applicant for fresh license or renewal of license as an insurance surveyor, paid the license fee to the Commission, the Commission shall recalculate the fee as imposed, as the case may be, and shall refund the excess amount of fee paid by the insurance surveyor.
Where an application for renewal of a license has been made to the Commission, but has not been decided by the Commission prior to the expiry date, the license of the insurance surveyor shall continue to be valid until the application for renewal has been decided by the Commission.
Provided that the Commission shall decide the renewal of registration of the insurance surveyor within a period of not more than thirty days from the expiry date of its license, the SECP said. The SECP said that an application for grant of an Authorized Surveying Officers' new license will be accompanied by a fee of Rs 5,000 per main class, which shall be refunded if the application is not granted.
An application for renewal of an Authorized Surveying Officers' license shall be accompanied by a fee of Rs 2,000 per main class, which shall be refunded if the application is not granted. Where an application for renewal of a license has been made to the Commission, but has not been decided by the Commission prior to the expiry date, the license of the authorized surveying officer shall continue to be valid until the application for renewal has been decided by the Commission. Provided that the Commission shall decide the renewal of registration of the authorized surveying officer within a period of not more than thirty days from the expiry date of its license, the SECP added.
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