Islamabad, January 12, 2024 – In a significant move aimed at rectifying an injustice, President Dr Arif Alvi has directed EFU Life Assurance Ltd to refund Rs 100,000 along with accrued profits to Zubaida Begum, a destitute woman who fell victim to the mis-selling of an insurance policy.
Islamabad, August 1, 2023 – Car insurance coverage in Pakistan is shockingly low at a mere three percent, lagging far behind other major regional economies, according to a recent study conducted by the Securities and Exchange Commission of Pakistan (SECP).
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued a list of chartered accountant (CA) firms to conduct audit of insurance companies. Following is the list of approved auditors to conduct audit of insurance, re-insurance and Takaful entities: Category ‘A’ Firms: 01. A. F. Ferguson & Co. Chartered Accountants 02. Grant Thornton […]
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued draft bill to amend Insurance Ordinance 2000 with aim to bridge regulatory gaps in existing laws. The draft law has been placed on SECP’s website for stakeholders and public consultation. The draft bill will address the regulatory gaps in existing law and provide a […]
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has constituted a working group of actuaries for the development of Risk Based Capital (RBC) Regime in Pakistan, said a statement on Wednesday. The group members possess local as well as diversified international experience, it added. An insurance company during the normal course of operations is […]
KARACHI: The provincial tax authorities have been urged to exclude insurance from taxable services in order to provide incentives to insurance industry. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to Sindh Revenue Board (SRB), said that each year, the life/health insurance companies have been approaching the SRB […]
ISLAMABAD: Securities and Exchange Companies of Pakistan (SECP) on Wednesday directed insurance companies to allow one month free coverage to motor insurance policy holders. The regulator in a press release said that in light of the outbreak of COVID-19 (Coronavirus) it has been advised non-life insurance companies to grant one month free of cost extension […]
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended license renewal date for insurance brokers in the wake of coronavirus outbreak. The SECP issued Circular No. 12 on Monday to extend the date for license renewal for insurance business. The SECP said that considering the gravity of the pandemic coronavirus (COVID-19) on public health […]
ISLAMABAD: Securities and Exchange Commission (SECP) has directed life insurers to provide details of their Family Takaful operations. The SECP issued Circular No. 15 dated November 18, 2019 and amended rules for financial reporting of family window Takaful operations by life insurers. The regulator amended the rules and directed to insurance companies having window Takaful […]
KARACHI: Federal Board of Revenue (FBR) has issued updated rules for the computation of profits and gains of the insurance business under Income Tax Ordinance, 2001. The FBR recently updated Income Tax Ordinance, 2001 up to June 30, 2019 for the tax year 2020. Profits on Life Insurance to be Computed Separately 1. The profits […]