The Securities and Exchange Commission of Pakistan (SECP) has discontinued submission of requirements of filing of certain returns and statements.
The SECP has amended Code of Corporate Governance for Insurers, 2016 through a notification issued here on Tuesday.
Officials said that the SECP had discontinued submission requirement on the insurer in respect of the following returns/statements: Statement of Compliance with Section 11 and 12 of the Insurance Ordinance, 2000 as prescribed in clause (lxxviii) to (lxxx) of the Code of Corporate Governance for Insurers, 2016 (the "Code"); branch network disclosure as required under Insurance Division's Circular No 08 of 2016 and semi-annual product wise information for insurance business distributed through corporate insurance agent as required under Clause 11 of the Securities and Exchange Commission (SEC) Directive for the Corporate Insurance Agents (Excluding Banks) and Technology-based Distribution Channels, 2017 (the "Directive").
The commission in its meeting held on 13th March, 2020, considered the
matter and approved discontinuation of the aforesaid returns.
Accordingly, amendments are being made in the code to remove submission requirement of the Statement of Compliance with sections 11 and 12 of the Insurance Ordinance, 2000.
The SECP has also decided withdrawal of Circular No 08 of 2016 and amendments in the directive to remove submission requirement of the semi-annual product-wise information for insurance business distributed through corporate insurance agent.