SECP consolidates circulars to facilitate insurance sector

ISLAMABAD: In order to facilitate the insurance sector in complying with the applicable regulatory requirements, the Securities and Exchange Commission of Pakistan (SECP) has issued a master circular, consolidating all existing applicable circulars, directives and guidelines issued up to December 31, 2021.

According to a statement issued on Thursday, the master circular has been categorised into twelve key chapters i.e. licensing and authorisation, product approvals and disclosure, reinsurance and retakaful, corporate governance, financial and regulatory reporting, management expense limits, related party assets, information sharing, training and certifications, complaints handling, cybersecurity and miscellaneous. The circulars, either obsolete or repealed, have been excluded from the Master Circular.

The SECP said that it is actively working for simplification and consolidation of its regulatory framework with a view towards promoting ease of doing business, reducing costs, and ensuring transparent and effective enforcement; and this master circular is part of that effort.  It said the master circular has been uploaded for information of all stakeholders on SECP’s website.

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